Even as global markets entered a quieter summer stretch, individual investors in France stayed active. The third quarter of 2025 showed strong participation in both equities and exchange-traded funds (ETFs), confirming the resilience of retail engagement despite market volatility and seasonal slowdowns.
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Equity Investors Hold Their Ground
According to the French regulator, AMF, Between July and September 2025, around 780,000 individuals bought or sold shares listed in the European Union through investment service providers based in France. That figure marks an 18% increase compared to the same period last year and represents the highest third-quarter level in four years.
In total, retail investors executed 10.9 million stock transactions, maintaining a pace unseen since 2021. The data also revealed 59,000 new equity investors during the quarter, either newcomers or individuals returning to the market after years of inactivity. Despite a broader shift toward diversified instruments, traditional equities continue to attract long-term retail interest.
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ETF Participation Keeps Rising
While share trading remains strong, ETFs continue to expand their appeal among French retail investors. In Q3 2025, 400,000 individuals traded ETFs, representing a sharp 45% year-on-year increase.
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Of these, 359,000 acted as buyers, confirming a growing appetite for diversified, lower-cost investment vehicles. The quarter also saw 79,000 new ETF investors, surpassing the number of new equity investors for the fourth consecutive quarter—a sign that ETFs are becoming the entry point for a new generation of market participants.
Transaction volumes tell a similar story: 1.7 million ETF trades were recorded in Q3, up 30% from last year. Although activity eased compared to the previous quarter, the cumulative number of ETF trades in 2025 reached an all-time high.
Strong Momentum Despite Seasonal Dip
The report highlights that while ETF activity dipped 6% from Q2, participation remains historically elevated. Cumulative transaction data for both equities and ETFs already exceeds totals from 2022, 2023, and 2024.
The rise of ETFs marks a broader change in how individuals approach the markets. With lower barriers to entry and increasing awareness of passive investing, ETFs are now attracting more first-time investors than traditional shares.
As 2025 progresses, analysts will watch whether this trend continues into year-end trading—a period that often tests investor sentiment amid monetary policy shifts and macroeconomic uncertainty.
