ETFs

TOP traded ETFs

Market Contextualization

Over the course of May 2026, financial markets extended a sustained rally, albeit one built on a narrow base and increasingly sensitive to macro and geopolitical risks. The dominant theme was artificial intelligence, which continued to channel flows into global equities — reflected in allocations via broad-market ETFs (MSCI World and S&P 500) — and, more concentratedly, into semiconductors and critical infrastructure, against a backdrop of strong CapEx expansion and earnings growth.

In parallel, rising yields and the persistence of inflationary pressures — amplified by oil-price volatility tied to the conflict in the Middle East — introduced greater selectivity. This environment underpinned interest in hedging or diversification assets, such as gold — benefiting from real-rate expectations and liquidity — and, on a more tactical basis, in global bonds, though these were penalised by the rate cycle amid persistent inflation data.
Greater dispersion and diversification of allocations across sectors was evident: while financials benefited from the normalisation of interest rates and the outlook for margins, defence-related segments gained prominence in a context of geopolitical reconfiguration and rearmament. At the same time, European markets remained relatively "discounted" but were constrained by anaemic growth and heightened political and monetary uncertainty, encouraging selective exposures to indices such as the CAC 40 or currency-hedged versions of the S&P 500.

At the higher end of the risk spectrum, interest in alternative assets remained significant, most notably strategies linked to bitcoin — with increased institutional selling and a correlation with the depreciation of gold and silver — reflecting both the search for diversification and the technology narrative. Even so, these flows coexist with growing signs of concentration and a loss of breadth in equity markets, suggesting a late-cycle environment supported by only a few dominant catalysts.

In summary, retail allocations reveal a combination of structural conviction in technology and AI, complemented by tactical exposures to energy, defence and protective assets, in a setting of growing macro complexity. For the coming weeks, the focus is on the flow of macro data, a possible rate hike by the ECB and a busy calendar of high-profile IPOs (for example: SpaceX, Anthropic and potentially OpenAI), with the potential to absorb liquidity and increase volatility. The short-term outlook remains constructive, but with rising risk asymmetry, favouring a more selective and disciplined approach — particularly in the face of a material energy crisis with erosion of crude and natural-gas inventories, as the seasonal "driving season" gets under way in the US and Europe.

Legal information

The information contained herein identifies the most purchased ETFs, in the reference period by Banco Carregosa clients, not considering any personal element of a specific potential investor. No elements were considered to assess the suitability of any investment or disinvestment to a specific person, therefore it should not constitute an investment recommendation. Potential investors are responsible for their investment decisions, and should carefully consider their investment objectives, financial situation, tolerance and capacity to bear the risk of investing in the financial instruments in question. 

Potential investors should make their own investment decisions and obtain professional clarification and advice on the characteristics and risks of the services and financial instruments in question, appropriate to their level of knowledge and experience,in particular, of price changes and possible loss of capital. Any subscription or redemption orders are the sole responsibility of the potential investor, and before any investment decision is made potential investors must acknowledge and accept the terms and conditions of the documents specific to each Fund, which are available for consultation herein, including the"Prospectus" and the "Key Information Document" (KID).

Management Companies may share with Banco Carregosa, as distributor, a portion of the Management and/or Distribution Fees charged by the fund, as well as offer othernon-monetary benefits. Non-monetary benefits are understood to be access to research and investment recommendation documents and access for Banco Carregosa employees to conferences and training organised by the Management Companies. In any case, the receipt of these fees does not compromise the independence of Banco Carregosa.