ETFs: ‘Focus on defence and technology’
Index funds with European equities top the sales charts on the buy side. Defence and money market ETFs are also in demand. The wave of sales of US trackers is subsiding.
11 June 2025. European equities remain popular. With the iShares Core EURO STOXX 50 DE0005933956, Deutsche Börse's sales statistics for May are led by a European ETF for the third month in a row. Behind the iShares Core MSCI World (IE00B4L5Y983), which is particularly popular for savings plans, another index fund with shares from the eurozone, the iShares Core DAX (DE0005933931), is represented in the top three. In fourth place is the Xtrackers II EUR Overnight Rate Swap (LU0290358497), a money market ETF that is increasingly being used as an alternative to fixed-term deposits or clearing accounts.
Many purchases of European ETFs
The trends remain stable. ‘We have been seeing a buying surplus in European index funds for several weeks,’ explains Frank Mohr of Société Générale. This time, the UBS Core MSCI Europe (LU0446734104) was at the top of the shopping list. The trader also sees many purchases for the iShares STOXX Europe 600 (DE0002635307), but also sales.
Holger Heinrich from Baader Bank AG reports strong demand for dividend-related ETFs (IE00BYSX4283, IE000WQ16XQ4). The MSCI EMU (IE00B910VR50, (LU1291098827) and the TecDAX (DE000A2QP323) were also purchased. On the other hand, the Amundi MSCI EMU Value Factor (LU1598690169) was on the sales list.
Viele Käufe von Europa-ETFs
Die Trends bleiben stabil. „Bei den Europa-Indexfonds sehen wir seit mehreren Wochen einen Kaufüberhang“, erklärt Frank Mohr von der Société Générale. Auf der Kaufliste stand dabei diesmal vor allem der UBS Core MSCI Europe (LU0446734104). Für den iShares STOXX Europe 600 (DE0002635307) sieht der Händler ebenfalls viele Käufe, aber auch Verkäufe.
Holger Heinrich von der Baader Bank AG berichtet von starker Nachfrage nach ETFs mit Dividendenbezug (IE00BYSX4283, IE000WQ16XQ4). Gekauft wurden zudem der MSCI EMU (IE00B910VR50, (LU1291098827) und der TecDAX (DE000A2QP323). Auf der Verkaufsliste stand dagegen der Amundi MSCI EMU Value Factor (LU1598690169).
US trackers with a focus on dividends
Purchases also predominated among global index funds recently. In addition to the MSCI World classic mentioned at the beginning, Heinrich also reports increased interest in various variants of the MSCI World ex-USA (IE000R4ZNTN3, IE0009BI8Z04) and the MSCI World Small Cap (IE000UZZ5D45). A few ESG ETFs were sold.
In contrast, the recent widespread sales of ETFs with US equities have declined. ‘Here, too, dividends were a hot topic,’ says Heinrich, referring to the WisdomTree US Quality Dividend Growth (IE00BZ56RG20). The Nasdaq 100 (IE000Z7P04F4) and the MSCI USA Socially Responsible (IE00BJXT3C94) are also popular, while various versions of the classic MSCI USA tended to be sold off (IE00BJZ2DC62, DE000ETFL268, IE00BD4TYG73).
Increased interest in emerging markets
Mohr also sees ‘a little more buying interest emerging’ in US trackers. The focus here was primarily on the S&P 500 (IE00B5BMR087, IE00B5KQNG97).
The trader also reports ‘increasing purchases’ for emerging markets. In high demand: the iShares Core MSCI EM (IE00BKM4GZ66) and the Xtrackers MSCI Emerging Markets (LU0292107645). There is also keen interest in Japan ETFs such as the Xtrackers MSCI Japan (LU0274209740).
Two defence ETFs in the top ten
At the sector level, two themes continue to dominate: defence and technology. WisdomTree Europe Defence (IE0002Y8CX98) is ‘by far the most popular’ among ICF Bank customers. ‘It feels like every second price is set in this security,’ explains Ivo Orlemann. However, there are ‘also larger sales’ here. The index fund even made it into the top ten in Deutsche Börse's ETF sales ranking in May, as did VanEck Defense (IE000YYE6WK5). In the tech sector, Mohr reports ‘brisk buying’ of Xtrackers Artificial Intelligence & Big Data AI (IE00BGV5VN51). Also in demand: the First Trust Nasdaq Cybersecurity (IE00BF16M727).
ECB statements with consequences
Apart from equity index funds, a lot of money continues to flow into ‘overnight trackers,’ which have completely dominated the top three spots in the bond segment at Société Générale in recent days. Otherwise, the effects of the waning interest rate cut fantasy in the eurozone are evident here. For example, the iShares € Corp Bond ESG (IE00BYZTVT56) was sold in large numbers. The ETF tracks an index consisting of corporate bonds denominated in euros.
By Thomas Koch, 11 June 2025, © Deutsche Börse AG
Zwei Rüstungs-ETFs in den Top Ten
Auf Branchenebene beherrschen weiter zwei Themen das Geschehen: Rüstung und Technologie. „Mit Abstand ganz vorne“ steht bei der Kundschaft der ICF Bank der WisdomTree Europe Defence (IE0002Y8CX98). „Gefühlt wird jeder zweite Kurs in diesem Papier festgesetzt“, erklärt Ivo Orlemann. Allerdings gebe es hier „auch größere Verkäufe“. Der Indexfonds hatte es im ETF-Umsatzranking der Deutschen Börse im Mai ebenso wie der VanEck Defense (IE000YYE6WK5) sogar in die Top Ten geschafft. Im Tech-Bereich meldet Mohr „fleißige Käufe“ des Xtrackers Artificial Intelligence & Big Data AI (IE00BGV5VN51). Auch gesucht: Der First Trust Nasdaq Cybersecurity (IE00BF16M727).
EZB-Statements mit Folgen
Abseits der Aktien-Indexfonds fließt unverändert viel Geld in die „Overnight-Tracker“, die im Anleihe-Segment bei der Société Générale in den vergangenen Tagen die ersten drei Plätze komplett auf sich vereint haben. Ansonsten zeigen sich hier die Auswirkungen der nachlassenden Zinssenkungsfantasie in der Eurozone. So wurde der iShares € Corp Bond ESG (IE00BYZTVT56) mehrheitlich verkauft. Der ETF bildet einen Index ab, der aus Unternehmensanleihen in Euro besteht.
Von Thomas Koch, 11. Juni 2025, © Deutsche Börse AG
Thomas Koch ist CEFA-Investmentanalyst, Investmentspezialist für strukturierte Produkte und geprüfter Zertifikateberater. Seit Anfang 2006 beschäftigt er sich als freier Journalist mit dem Geschehen an den Kapitalmärkten.
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