HL investors pile into US ETFs in last days of tax year

Investors using the Hargreaves Lansdown platform for their ISAs choose to allocate their cash to US-focused ETFs and tracker funds in the last days of the tax year, according to data released by HL.

Hargreaves Lansdown’s ISA investors followed the tried-and-tested path of investing in a broad basket of US shares, which has proved a winning formula over the past ten years.

Investors also used ETFs to gain exposure to commodities amid a slump in silver and gold prices due to the war in the Middle East.

Kate Marshall, lead investment analyst, Hargreaves Lansdown, said: “Investors on Hargreaves Lansdown’s platform favoured global equity tracker funds and US-focused investments in the final days of the tax year, as they rushed to make the most of their ISA allowances.”

“Exchange-traded funds (ETFs) saw strong inflows into US and global equity strategies. The Vanguard S&P 500 UCITS ETF and Vanguard FTSE All-World UCITS ETF were among the most bought ETFs over the period.

“In a similar vein to the top investment trusts, some investors were keen to take a more tactical approach, with technology and precious metals proving popular. Gold and silver ETFs were also in demand following strong performance from the metals in 2025. Some investors were willing to take on significantly higher risk, with a 3x leveraged silver ETF making an appearance among the most purchased. However, these products are not designed for typical retail investors: while potential returns can be magnified, losses can be equally severe.”

Most bought ETFs, 30 March – 3 April (HL ISA clients, net buys)