09/09/25 13:23:55

ETFs: High gold price, high demand for mining trackers

Immer neue Goldpreisrekorde sorgen für reges Interesse an Goldminen-ETFs und Gold-ETCs. Doch auch klassische Aktien-ETFs sind gefragt. Kaum beachtet sind Schwellenländer-ETFs – trotz guter Entwicklung.
 

9. September 2025. FRANKFURT (Börse Frankfurt). Der Goldpreis steigt und steigt – und das macht sich auch im ETF- und ETC-Handel bemerkbar. Goldminen-ETFs gehören zu den umsatzstärksten Branchenindexfonds, wie Frank Mohr von der Société Générale berichtet. Auch Andreas Schröer von Lang & Schwarz sieht aktuell eine auffällig hohe Nachfrage nach Goldminen-ETFs. Der Preis für die Feinunze ist gerade auf den neuen Rekord von 3.654 US-Dollar gestiegen.

„Bei Goldminen-ETFs überwiegt ganz klar die Käuferseite“, stellt Schröer fest. Beispiel: der VanEck Gold Miners (IE00BQQP9F84). Der kann seit Anfang des Jahres mit einem Kursplus von 76 Prozent aufwarten. Ebenfalls beliebt sind der UBS Solactive Global Pure Gold Miners (IE00B7KMNP07) und der VanEck Junior Gold Miners (IE00BQQP9G91), wie Mohr feststellt. Auch Gold- und Silber-ETCs sind Schröer zufolge gefragt, konkret Xetra-Gold (DE000A0S9GB0) und iShares Physical Gold (IE00B4ND3602). Beide notieren ebenfalls auf Rekordhochs.
 

Equity ETFs: “Purchases dominate”

In contrast, business with traditional equity ETFs is proceeding as usual. “It is rather quiet, but purchases clearly dominate,” explains Mohr. Schröer sees “stable high turnover” in equity ETFs. The DAX has been hovering around the 24,000-point mark for weeks, standing at 23,670 points on Tuesday afternoon. In the US, however, the S&P 500 reached a new all-time high on Friday, and the Nasdaq Composite climbed to a new high yesterday, Monday.

Mohr

World and US stocks once again account for the bulk of trading volume in equity ETFs. “They represent around two-thirds of our turnover,” Mohr explains. Most of these are MSCI World or S&P 500 trackers, such as those from iShares, Invesco, or Vanguard. However, there is currently also a lot of interest in the Amundi Russell 2000 (LU1681038672), which tracks US small caps. “Nasdaq ETFs are sometimes bought, sometimes sold,” adds Mohr. At Baader Bank, large indices such as the S&P 500 (IE00B3ZW0K18) are also mostly on the shopping lists in the US sector, as Holger Heinrich reports. WisdomTree ETNs with leverage, such as on the S&P 500 or the Nasdaq 100, are being sold.
 

From broadly diversified to specialized

According to Heinrich, global ETFs are also well received overall—across the entire spectrum. “In addition to traditional investments, the focus is on sustainable products,” he adds, citing the Amundi MSCI World Climate Paris Aligned (FR0014003FW1). More specialized products are also in demand, such as ETFs with companies that have share buyback programs (IE00BLSNMW37) or an ETN with FAANG stocks. The term stands for Meta (formerly Facebook), Amazon, Apple, Netflix, and Alphabet (formerly Google) (XS2595675724), the predecessors of today's more relevant Magnificent Seven.

Europe is less interesting. “German stocks account for only 5 percent of our sales of equity ETFs,” Mohr notes. At Baader Bank, MSCI Europe or MSCI EMU are purchased. “Small caps and dividend strategies, on the other hand, are being reduced,” Heinrich explains.

No interest in emerging markets?

Incidentally, the MSCI Emerging Markets Index has performed very well this year. However, this is hardly reflected in ETF trading. At Société Générale, emerging market trackers account for only 3 percent of turnover in equity ETFs. “However, last year it was even less in some cases,” recalls Mohr. “We don't see much interest; it's more of a background issue,” notes Schröer from Lang & Schwarz. 
 

MSCI EM outperforms MSCI World this year

Since the beginning of the year, the MSCI Emerging Markets Index has gained 19 percent, while the MSCI World Index has gained just under 14 percent, according to figures from index provider MSCI at the end of August. This marks the end of MSCI EM's long period of underperformance. However, over a three- and five-year period, the MSCI World is still ahead with 19 percent and 13 percent per annum, while the MSCI EM is only up 11 and 5 percent per annum. China currently accounts for the largest share of the MSCI Emerging Markets Index at 30 percent, followed by Taiwan (19 percent) and India (16 percent).

Tech stocks still in demand, crypto ETNs with purchases and sales

In addition to gold mine trackers, tech stocks such as Xtrackers Artificial Intelligence & Big Data (IE00BGV5VN51), iShares Electric Vehicles and Driving Technology (IE00BGL86Z12) and VanEck Video Gaming and eSports (IE00BYWQWR46). According to Heinrich, Rize Global Sustainable Infrastructure (IE000QUCVEN9) is also in demand. It focuses on companies from around the world that could benefit from the transition to more sustainable infrastructure.

Trading in crypto ETNs also remains brisk, as Schröer reports. “In addition to Bitcoin and Ethereum, there is currently strong interest in the second and third tiers – with trading in both directions,” he explains. Bitcoin is currently trading at around $112,000, down from its all-time high of over $124,000 in mid-August. 

By Anna-Maria Borse, 9 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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