Belgian retail investors were particularly active in the first quarter of 2025, with the number involved in buying or selling ETFs (exchange-traded funds that can track stock indices, for example) reaching a record high, according to the Financial Services and Markets Authority (FSMA).
Approximately 187,000 Belgian retail investors made share transactions during the first three months of 2025. Moreover, 94,000 Belgian retail investors bought or sold ETFs during the year’s first quarter, marking a nearly 20% increase compared to the previous quarter, as noted in the “Retail Investor Dashboard” released by the FSMA on Tuesday.
Additionally, 20,000 Belgian retail investors entered the stock market, 22,000 entered the ETF market, and 4,000 entered the bond markets for the first time in the first quarter of 2025. ETFs attracted more new investors than stocks for the second consecutive quarter.
During the same period, Belgian retail investors conducted over 1.17 million stock transactions, a volume not seen since the first three months of 2023, along with 281,000 ETF transactions—a rise of 35%. Furthermore, they executed nearly 25,000 bond transactions.
The FSMA also noted a surge in stock and ETF transactions in the days following the announcement of US tariffs on 2 April. While most transactions by Belgian retail investors were purchases, in terms of volume, they were net sellers of stocks both before and after the announcement, as total sales exceeded total purchases.
