Exchange-Traded Funds (ETFs) have become integral to modern investment portfolios, offering diversified exposure across various asset classes and regions. In 2025, several ETFs have emerged as top performers in major financial hubs such as London, New York, and Paris. Below is a curated list of the top 10 ETFs, detailing their fund size, investment focus, and primary listing locations.
1. Vanguard S&P 500 ETF (VOO)
Fund Size: $631.8 billion
Focus: Tracks the performance of the S&P 500 Index, providing exposure to 500 of the largest U.S. companies.
Location: Primary listing in New York.
In early 2025, Vanguard’s VOO surpassed State Street’s SPY to become the world’s largest ETF, reflecting investors’ growing preference for low-cost, broad-market exposure. VOO’s expense ratio stands at a minimal 0.03%, making it an attractive option for cost-conscious investors.
The fund’s significant asset base underscores its liquidity and efficiency, essential attributes for institutional and retail investors alike. VOO’s composition mirrors the S&P 500, encompassing sectors from technology to healthcare, thus offering diversified exposure to the U.S. equity market.
Vanguard’s unique ETF-as-a-share class structure has further bolstered VOO’s growth, allowing seamless transitions for investors from mutual funds to ETFs without tax implications. This structural advantage has been pivotal in attracting substantial inflows, solidifying VOO’s position at the pinnacle of the ETF market.
2. Amundi Prime All Country World UCITS ETF
Fund Size: Over €2 billion
Focus: Offers broad exposure to global equities across developed and emerging markets.
Location: Listed on the London Stock Exchange.
In February 2025, Amundi expanded its ETF offerings by listing 11 new funds on the London Stock Exchange, bringing its total to 272 ETFs in London. Among these, the Amundi Prime All Country World UCITS ETF stands out due to its ultra-low ongoing charges of 0.07%, positioning it as the most cost-effective all-country ETF in Europe.
This ETF provides investors with comprehensive and diversified exposure to global equity markets, encompassing a wide array of sectors and regions. Its competitive fee structure makes it an appealing choice for those seeking global diversification without incurring high costs.
Amundi’s commitment to offering cost-effective investment solutions is evident in this ETF, catering to both retail and institutional investors aiming for broad market exposure.
3. JPMorgan US Equity Premium Income Active UCITS ETF (JEPI)
Fund Size: Data not specified
Focus: Seeks to deliver monthly income and equity market exposure with reduced volatility by combining an actively managed equity portfolio with options strategies.
Location: Listed in London, Frankfurt, and Zurich.
JPMorgan Asset Management introduced the JEPI UCITS ETF to European investors in late 2024, replicating the success of its U.S. counterpart, which is the largest active ETF globally. The fund employs an options overlay strategy to enhance income while aiming to reduce the volatility typically associated with equity investments.
This ETF appeals to investors seeking regular income distributions without fully sacrificing potential capital appreciation. The active management component allows for tactical adjustments in response to market conditions, potentially offering a smoother investment experience.
The fund’s strategy of integrating equity investments with options premiums aims to provide a balanced approach, catering to those looking for income generation alongside equity exposure.
4. Xtrackers S&P 500 Equal Weight UCITS ETF
Fund Size: Approximately €9.4 billion
Focus: Provides equal-weighted exposure to the S&P 500 Index, ensuring each constituent has the same impact on performance.
Location: Listed in Europe.
The Xtrackers S&P 500 Equal Weight UCITS ETF has garnered significant attention, attracting €2.1 billion in inflows during the third quarter of 2024 alone. This surge reflects a growing investor interest in mitigating concentration risk inherent in traditional cap-weighted indices.
By assigning equal weight to all S&P 500 constituents, this ETF offers a diversified approach that can potentially enhance returns, especially when smaller companies outperform their larger counterparts. This structure provides a counterbalance to the dominance of mega-cap stocks in standard indices.
The fund’s substantial asset base and liquidity make it a viable option for investors seeking diversified U.S. equity exposure with a unique weighting methodology.
5. VanEck Defense UCITS ETF
Fund Size: Approximately $1.8 billion
Focus: Invests in companies within the defense sector, including those specializing in defense technology and equipment.
Location: Listed in Europe.
Launched in March 2023, the VanEck Defense UCITS ETF experienced a remarkable 55% growth in 2024, with an additional 8% increase at the start of 2025. This growth is attributed to heightened geopolitical tensions and increased defense spending, factors that have driven investor interest in the sector.
6. Goldman Sachs USD High Yield Bond Active UCITS ETF
Fund Size: Data not specified
Focus: Actively managed exposure to U.S. dollar-denominated high-yield corporate bonds.
Location: Listed in London and Frankfurt.
In February 2025, Goldman Sachs Asset Management expanded its European ETF lineup by introducing the Goldman Sachs USD High Yield Bond Active UCITS ETF. This fund aims to achieve long-term returns by investing in below-investment-grade bonds, combining top-down asset allocation with bottom-up security selection. The active management approach allows the fund to navigate market inefficiencies and manage credit risks effectively. This ETF caters to investors seeking enhanced yield opportunities in the fixed-income space while benefiting from the flexibility and transparency of the ETF structure.
7. iShares S&P 500 Top 20 UCITS ETF
Fund Size: Data not specified
Focus: Concentrated exposure to the top 20 largest companies within the S&P 500 Index.
Location: Listed in Europe.
Launched in November 2024, the iShares S&P 500 Top 20 UCITS ETF offers investors targeted exposure to the 20 largest U.S. companies, which have been significant contributors to the S&P 500’s performance. This ETF is designed for investors seeking to capitalize on the dominance of mega-cap companies in the U.S. equity market. By focusing on these market leaders, the fund provides a concentrated portfolio that reflects the performance of the most influential corporations driving market returns.
8. Amundi MSCI USA Mega Cap UCITS ETF
Fund Size: Data not specified
Focus: Tracks the MSCI USA Mega Cap Select Index, providing exposure to U.S. companies with market capitalizations exceeding €185 billion.
Location: Listed in Europe.
Approved by the Central Bank of Ireland and launched in December 2024, the Amundi MSCI USA Mega Cap UCITS ETF targets the largest U.S. companies, offering investors exposure to a select group of mega-cap stocks. The ETF’s portfolio includes approximately 37 stocks, rebalanced quarterly, allowing investors to focus on companies with substantial market influence and stability. This fund is suitable for those looking to invest in established market leaders within the U.S. economy.
9. Janus Henderson Tabula Japan High Conviction Equity UCITS ETF (JCPN)
Fund Size: Data not specified
Focus: Actively managed portfolio of 20-30 Japanese equities with high conviction.
Location: Initially listed on Frankfurt’s Xetra exchange, with planned listings on the London Stock Exchange and Borsa Italiana.
In October 2024, Janus Henderson expanded its ETF offerings in Europe by launching the Janus Henderson Tabula Japan High Conviction Equity UCITS ETF. Managed by Junichi Inoue, the fund focuses on a concentrated selection of Japanese companies poised to benefit from ongoing corporate governance reforms and increased foreign investment. With an expense ratio of 0.49%, the ETF offers investors access to Japanese equities through a transparent and efficient vehicle, aiming to capitalize on Japan’s evolving market dynamics.
10. BlackRock Managed Futures ETF
Fund Size: Data not specified
Focus: Actively managed exposure to managed futures strategies, including long and short positions across equities, bonds, commodities, and currencies.
Location: Pending regulatory approval in the United States.
In January 2025, BlackRock filed for the launch of a Managed Futures ETF, aiming to democratize access to hedge fund-like strategies through the ETF structure. Managed futures funds employ trend-following approaches, taking both long and short positions in various futures contracts, potentially allowing them to perform well during market downturns. This ETF is designed for investors seeking diversification and potential hedging benefits within their portfolios, leveraging BlackRock’s systematic investment expertise.
References
Amundi lists 11 ETFs in London. (2025, February 21). Financial Times. Retrieved from https://www.ft.com/content/5a54fe52-ac56-4c31-88af-d5c17c327931
Vanguard triumphs over State Street to take largest ETF crown. (2025, February 18). Financial Times. Retrieved from https://www.ft.com/content/641e9fd7-c989-4831-917b-23b3250be7db
Goldman launches high-yield active ETFs in Europe. (2025, February 18). Financial Times. Retrieved from https://www.ft.com/content/78ed5cc5-bb74-4bec-ba1f-9d35cc4d4391
Innovations expected to turbo-charge crypto ETF industry. (2025, February 20). Financial Times. Retrieved from https://www.ft.com/content/0e039fbc-a19d-4c51-9c4d-f3df956f6447
JPMorgan launches European version of JEPI, the largest active ETF. (2024, November 11). Financial Times. Retrieved from https://www.ft.com/content/b5b28a4d-9cd5-4e49-be25-2301a02e09c4
BlackRock and Amundi zero in on concentrated ‘mega-cap’ ETFs. (2024, November 20). Financial Times. Retrieved from https://www.ft.com/content/ae6d7cdd-9742-402e-ae66-429eefc8e7f3
Janus Henderson launches first European active ETF. (2024, October 21). Financial Times. Retrieved from https://www.ft.com/content/14d1f357-2d9f-4e48-ab01-78350dd7a3ba
BlackRock filing for hedge fund strategy ETF underlines new tilt. (2025, January 10). Financial Times. Retrieved from https://www.ft.com/content/ad98ff4f-360f-
