Top 10 most-purchased ETFs: September 2025
Commodities were a key area of focus in September, with investors seeking out exposure to both gold and silver.
1st October 2025 11:04
by Kyle Caldwell from interactive investor
Commodities were a key area of focus among our most-bought exchange-traded funds (ETFs), with a gold tracker topping the table and two silver tracker funds entering the top 10.
Our monthly tables are based on the number of buys, with regular investing excluded.
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A small weighting to gold in a diversified portfolio is widely considered to be a sensible approach to help protect capital when stock markers fall sharply. The yellow metal is also considered to be a hedge against inflation. The theory is that as governments and central banks cannot simply print more gold, as they can currencies, gold’s value is preserved.
Investors who bought in a year ago, or three years ago, have pretty much struck gold, reflected in iShares Physical Gold ETC GBP (LSE:SGLN)delivering gains of 45.3% and 89.8% over those time frames. Many investors are expecting gold to continue shining, with the gold tracker becoming the most-bought ETF among interactive investor customers in September.
Silver, which doesn’t dominate the headlines as much as gold, has also been piquing investors’ interest. Two silver trackers entered the top 10 in September: iShares Physical Silver ETC GBP (LSE:SSLN) and Global X Silver Miners ETF (LSE:SILG).
The price of silver has surged owing to investors using the metal as an alternative source of diversification. Last month, silver reached its highest level in 14 years.
As well as geopolitical tensions and concerns over US tariffs leading investors to seek out safe-haven assets, other drivers of both gold and silver include weakness in the US dollar, higher government debts, and fears that inflation will remain sticky. For gold, another element has been high amounts of central bank buying to diversify away from fiat currencies and US government bonds.
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Exchange-traded commodities (ETCs) are the structure for single commodities – with both iShares Physical Gold ETC and iShares Physical Silver ETC tracking the ups and downs of the price of each commodity. The typical ETF structure isn’t used for single commodities because ETFs are required to provide a minimum level of diversification. In practice, this means they can’t hold just one type of commodity.
Global X Silver Miners ETF has delivered notably higher returns over one and three years. However, mining companies carry much more risk than products that follow the ups and downs of the spot price.
Over the long term, silver has given investors more of a bumpier ride than gold due to its wider industrial use. This means it has greater cyclical characteristics compared to gold.
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Sandwiched between the gold and silver trackers is Vanguard S&P 500 ETF. The accumulation version, Vanguard S&P 500 ETF (VUAG), is in second place, while the distribution version Vanguard S&P 500 ETF (VUSA) is in third.
Meanwhile, global tracker funds account for three of the other five ETFs in the table. Seeking out broad global stock market exposure can give investors a solid base to build a portfolio around.
The Vanguard FTSE All-World ETFs are in fifth and eighth place, with the distribution version (VWRL) pipping the accumulation version (VWRP). The Vanguard global trackers are “all world” funds, which means they own emerging market shares as well as developed world shares. In 10th place is iShares Core MSCI World ETF (LSE: SWDA), which owns around 1,400 global developed market shares.
The remaining two ETFs, Invesco EQQQ Nasdaq 100 ETF (LSE:EQQQ) and VanEck Crypto and Blockchain Innovators ETF (LSE:DAGB), invest in adventurous areas.
Invesco EQQQ Nasdaq 100 ETF invests in the world’s largest technology companies that are listed in the US. It holds 102 stocks, but a quarter of the ETF is held in just three firms: Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL).
VanEck Crypto and Blockchain Innovation ETF’s popularity reflects growing interest in cryptocurrencies. It tracks an index of companies from around the world that are active in the blockchain industry.
Dropping out of the top 10 this month were defence thematic play VanEck Defense ETF (LSE:DFNG) and UK tracker iShares Core FTSE 100 ETF (LSE:CUKX).
Top 10 most-popular ETFs in September 2025
| Ranking | Exchange-traded fund (ETF) | Change from August | One-year return to 30 September 2025 (%) | Three-year return to 30 September 2025 (%) |
| 1 | iShares Physical Gold ETC | Up one | 45.3 | 89.8 |
| 2 | Vanguard S&P 500 ETF (accumulating) | Down one | 16.9 | 60.3 |
| 3 | Vanguard S&P 500 ETF (distributing) | Unchanged | 16.9 | 60.3 |
| 4 | iShares Physical Silver ETC | New entry | 50.7 | 104.1 |
| 5 | Vanguard FTSE All-World ETF (distributing) | Down one | 16.9 | 54.6 |
| 6 | Global X Silver Miners ETF | New entry | 114.5 | 160.2 |
| 7 | Invesco EQQQ NASDAQ 100 ETF | Down two | 23 | 88.8 |
| 8 | Vanguard FTSE All-World ETF (accumulating) | Down two | 16.9 | 54.6 |
| 9 | VanEck Crypto and Blockchain Innovation ETF | Down one | 88 | 260.3 |
| 10 | iShares Core MSCI World ETF | Down three | 16.7 | 88.7 |
Source: FE Analytics. Performance data to 30 September 2025. Note: the top 10 is based on the number of “buys” during the month of September. Past performance is not a guide to future performance.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
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