16/09/25 14:19:21

ETFs: Profit-taking in tech trackers too

Enthusiasm for AI is driving the Nasdaq to new heights, but tech ETFs are no longer the only ones in demand. Recent events in Poland are also boosting demand for defense ETFs. One trend remains: US and global ETFs are more popular than DAX index funds. 


16 September 2025. FRANKFURT (Börse Frankfurt).  In ETF trading, inflows are still the main thing overall. But tech ETFs aren't just being bought anymore, they're also being sold, as Frank Mohr from Société Générale says. Ivo Orlemann from ICF Bank is also seeing more interest in defense ETFs. “The drone attacks on Poland are probably having an impact here.” Gold and silver ETCs are also still a thing.

In the wake of AI euphoria and in anticipation of a US interest rate cut tomorrow, Wednesday, US markets have recently reached new all-time highs. The DAX, on the other hand, has been moving sideways for months. At midday on Tuesday, it stands at 23,650 points. 

Particularly popular: US and global equities

According to Mohr, US and global equities continue to account for the majority of trading volume in equity ETFs. US equities are mostly MSCI and S&P 500 trackers. However, more specialized products such as the Amundi MSCI USA ESG Broad Transition (IE000QQ8Z0D8) are also in demand. In the global sector, MSCI World ETFs from iShares, Xtrackers, and Amundi are popular, as are FTSE All World trackers from Invesco and Vanguard.

As in previous weeks, DAX and Euro Stoxx ETFs are no longer in such high demand. “Sales are outweighing purchases,” reports Mohr. This affects the iShares Core DAX (DE0005933931), the Xtrackers DAX (LU0274211480) and Euro Stoxx trackers from various issuers. He sees inflows for MDAX ETFs, albeit not on a large scale.

Mohr has also noted slightly more interest, albeit still at a low level, in emerging market ETFs such as the iShares Core MSCI EM IMI (IE00BKM4GZ66) and the Amundi MSCI Emerging Markets Swap (LU1681045370). 
 

Arms ETFs: Even more in demand after drone attack

According to Orlemann, arms ETFs are also “extremely in demand,” especially VanEck Defense (IE000YYE6WK5) and WisdomTree Europe Defense (IE0002Y8CX98). Both have recently recorded strong price gains again. Another topic is gold mining ETFs, which had risen sharply in the wake of the gold price rally. “Most of the transactions are purchases, but we are also seeing sales,” explains Mohr.  

However, tech stocks remain the heavyweights in terms of turnover in the trading of sector ETFs. Some ETFs that have been extremely popular for a long time are now being sold, as Mohr notes, such as Xtrackers Artificial Intelligence & Big Data (IE00BGV5VN51) and iShares Automation & Robotics (IE00BYZK4552). Cyber security trackers such as iShares Digital Security (IE00BG0J4C88) and First Trust Nasdaq Cybersecurity (IE00BF16M727) are now being bought. 
 

Ivo Orlemann

Ivo Orlemann

“Flow more volatile this year”

Inflows into ETFs in Europe continued in August, according to ETF analysis and trading firm Crossflow. The total net inflow was €23.5 billion, of which €15.5 billion went into equity ETFs, €6.4 billion into bond ETFs, and €1.6 billion into gold products. “The flow this year has been much more volatile than last year,” it said, probably due to a certain amount of uncertainty among investors. What is striking after the high inflows into European equities in the first half of the year is that in August, US ETFs received €6.4 billion, the largest increase in a year. Demand for European ETFs, on the other hand, stagnated at €2.2 billion. 

“Growing interest in bond ETFs”

According to Mohr, money market ETFs continue to be big sellers in the bond report, with business in both directions. Emerging market bonds are currently in high demand, such as the iShares JP Morgan USD EM Bond (IE00B2NPKV68), as are European government bonds (LU1437018598). Janis Völker of Lang und Schwarz has observed a general increase in interest in bond ETFs. “The major movements on the government bond markets are likely to be the reason,” he suspects. 
 

High gold prices attract investors to gold products, brisk crypto ETN trading

Ever-new highs in the gold price are also boosting trading in precious metal ETCs and mining ETFs. “ETCs are particularly in demand here,” explains Völker. ICF customers are looking for the Invesco Physical Gold ETC (IE00B579F325) and the Global X Silver Miners ETF (IE000UL6CLP7). 
Bitcoin has also risen again recently, but at currently $115,000, it is still well below its all-time high of over $124,000. Trading in crypto ETNs remains brisk. “However, there is no clear direction,” notes Orlemann. Völker observes more interest in smaller currencies than in Bitcoin and Ethereum. 
 

By Anna-Maria Borse, 16 September 2025, © Deutsche Börse AG

Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock exchanges and economic issues.

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