Top 10 best-selling ETFs in October

A cautious approach to financial markets seems to be in evidence among Fidelity’s exchange-traded funds (ETFs) customers. Last month’s most-bought ETFs included two that invest in precious metals, a bond fund, a cash fund and several global stock funds less exposed to ‘hot’ areas of the stock market such as Wall Street and the ‘Magnificent Seven’. A handful of specialist funds in areas such as crypto and ‘rare earth’ minerals also featured.

• Read: The investment trusts most exposed to the magnificent 7

Precious metals

The most popular ETF among customers of Fidelity Personal Investing in October was iShares Physical Gold, which, as its name suggests, holds actual gold bullion and therefore gives investors direct exposure to the metal, whose price has soared this year. While this product and similar ones are often referred to loosely as ETFs, they are strictly speaking exchange-traded commodities or ETCs.

iShares Physical Gold is on Fidelity’s Select 50 list of recommended funds.

A similar product is the iShares Physical Silver ETC, which also featured among the 10 most popular funds last month at sixth place.

Investors worried about the possibility of higher for longer inflation may have seen the two ETCs as useful hedges – the so-called ‘debasement trade’. Others may have worried more generally about the economy, markets and international politics and seen gold in its traditional role as a safe haven. However, recent buyers have been caught by sudden reversals in the price of the two commodities.

Gold fell by 11% from $4,380 an ounce on 20 October to $3,891 on 28 October before it staged a recovery to $4,049 at the time of writing, according to data from the London Stock Exchange’s Datastream service. Silver’s fall was more dramatic: a 16% decline from $54.44 an ounce on 17 October to $45.60 on 28 October. It has since recovered to $50.51.

Cash and bonds

The iShares GBP Ultrashort Bond ETF was the fifth most popular among our customers last month. ‘Ultrashort’ bonds are those that are due to mature in the very near future. This makes them less likely to default – the fund’s bonds are in any case ‘investment grade’ as opposed to the speculative ‘junk’ variety – and less sensitive to moves in interest rates and inflation expectations. Many investors see them as akin to cash. This ETF pays the interest it receives to investors twice a year and the current yield is 5% (variable and not guaranteed).

Even more ‘cash-like’ in its aims is the Amundi Smart Overnight Return ETF, which seeks to deliver returns (before costs) equal to the ‘euro short-term rate’, a key European interest rate benchmark.

The ETF is denominated in sterling and its returns are ‘hedged’, which means that the managers attempt to counter the effects of exchange rate fluctuations.

While the iShares ETF pays out its income, the Amundi one reinvests it in the fund. Its value has risen by 2.2% over the past six months. Please remember past performance is not a reliable indicator of future returns.

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Stock market tracker funds

Several highly diversified stock market funds appeared in October’s top 10. They were Vanguard FTSE All-World in second place, iShares MSCI World Ex-USA in seventh and SPDR MSCI All Country World at eighth. The iShares ETF specifically avoids American stocks, while the other two have less exposure than many global funds because they are very diversified across many countries.

Specifically, the Vanguard ETF has 62.8% of its money in the US and the SPDR fund 64.8%, compared with 72.7% for the MSCI World Index. Buying these three funds may reflect a wish among investors to at least reduce their exposure to Wall Street, which many commentators see as highly valued and at risk of a correction, particularly in view of concerns about the valuation of the ‘Magnificent Seven’ tech stocks.

Specialist areas

In third place in last month’s top 10 was the VanEck Crypto and Blockchain Innovators ETF. This fund holds shares in a variety of companies involved in cryptocurrency and blockchain technology, such as Coinbase, the crypto broker, and BitMine, a ‘crypto treasury’ company that invests largely in the ethereum cryptocurrency. While private savers await widespread availability of direct bitcoin exchange-traded products, ETFs such as this one provide an alternative way to invest in the sector via ISAs and SIPPs.

Fourth in the best-sellers’ table was the VanEck Defense ETF, which invests in companies in that sector. The ETF’s top holdings include Palantir Technologies, a popular AI-related stock, Thales, the European defence group, and Leonardo, an Italian rival.

Finally, in 10th place came the VanEck Rare Earth and Strategic Metals ETF. ‘Rare earth’ minerals, although not in all cases rare, are critical in certain sectors such as defence and electronics and have been a bone of contention between America and China, which dominates supply. This has caused investors to scent an opportunity.

Best-selling ETFs in October

1. iShares Physical Gold
2. Vanguard FTSE All-World 
3. VanEck Crypto and Blockchain Innovators
4. VanEck Defense 
5. iShares GBP Ultrashort Bond 
6. iShares Physical Silver 
7. iShares MSCI World Ex-USA 
8. SPDR MSCI All Country World 
9. Amundi Smart Overnight
10. VanEck Rare Earth and Strategic Metals

Source: Fidelity International. Net sales 1 October to 31 October 2025, for Personal Investors only.

• Read: Top 10 best-selling ETFs of the year
• Read: Top 10 best-selling investment trusts in October
• Read: Top 10 best-selling funds in October

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.