Top 10 best-selling ETFs in January

Precious metals and major stock market indices dominated the assets that attracted ETF investors on the Fidelity platform in January, although regional stock markets and defence-related companies also featured.

The 10 most popular exchange-traded funds (or, to be precise, exchange-traded commodities in some cases) included two that invest in precious metals, four that hold global stocks, one fund each for American, British and emerging market stocks and one that specialises in defence.

It’s not hard to imagine that buyers of the gold and silver exchange-traded commodities (ETCs) were attracted by the metals’ spectacular price appreciation of recent months, while global tracker funds are a popular, low-cost mainstay of many investors’ portfolios. The UK and emerging markets have both outperformed Wall Street recently, although plenty of investors want to maintain at least some exposure to the US and its huge, dynamic economy. Defence stocks have obvious appeal in a time of increased geopolitical tension.

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Precious metals

The two precious metal ETFs (strictly speaking ETCs) to feature in January’s top 10 were iShares Physical Gold in first place and iShares Physical Silver in fourth. The former was also the best seller among our customers in 2025, although the latter did not feature among last year’s top 10.

Global trackers

Four global tracker funds appeared in the top 10: Invesco MSCI World (second place), Vanguard FTSE All-World (third place), Invesco FTSE All-World (seventh place) and SPDR MSCI All Country World (ninth place). The FTSE All-World and MSCI All Country World indices both include stocks from emerging as well as developed markets, while the MSCI World index tracked by the Invesco ETF excludes emerging markets.

Regional and national trackers

Two of the ETFs in the top 10 track national stock markets, namely the fifth-placed Vanguard S&P 500 fund and iShares Core FTSE 100 ETF in 10th place. There was also an emerging markets tracker, the iShares Core MSCI Emerging Markets Investable Market Index, in sixth position. That ETF is on Fidelity’s Select 50 list of recommended funds.

What, you may wonder, does ‘Investable Market Index’ mean? It signifies that the index tracked by the ETF is designed to be easily replicated by funds that track it – that the index is ‘investable’ in practical terms. The need for such an index arises because, especially in less advanced markets such as the emerging economies, there may be impediments for non-domestic investors who wish to invest there or a simple lack of liquidity in some stocks. An investable market index or IMI takes account of such factors in its construction and in the weight given to the various holdings.

One specialised ETF

The final fund to make the top 10 was the VanEck Defense ETF in eighth place. The portfolio includes several well-known defence contractors, such as Palantir, Thales and Saab. Performance has been very strong since launch in March 2023. In the two complete calendar years since then it has risen by 46.2% (2024) and 56.5% (2025), according to the ETF’s performance page on the Fidelity website. Please remember past performance is not a reliable indicator of future returns.

Best-selling ETFs in January

1. iShares Physical Gold
2. Invesco MSCI World
3. Vanguard FTSE All-World
4. iShares Physical Silver
5. Vanguard S&P 500
6. iShares Core MSCI Emerging Markets Investable Market Index
7. Invesco FTSE All-World
8. VanEck Defense
9. SPDR MSCI All Country World
10. iShares Core FTSE 100

Source: Fidelity International. Net ETF sales 1 to 31 January 2026 for Personal Investors only.

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Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. This information is not a personal recommendation for any particular investment. Overseas investments will be affected by movements in currency exchange rates. Investments in emerging markets can be more volatile than other more developed markets. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. There is no guarantee that the investment objective of any Index Tracking Sub-Fund will be achieved. The performance of the sub-fund may not match the performance of the index it tracks due to factors including, but not limited to, the investment strategy used, fees and expenses and taxes. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.