Believe it or not it’s almost time for the 2026 Autumn Budget. By the time we get to Labour’s third Budget of their term, it would’ve only been 336 days since Rachel Reeves delivered her last Budget. And in that time we’ve not only had a change at Number 10, but Number 11 too.
John Healey, the new Chancellor of the Exchequer, is expected to deliver his first Budget at around 12:30pm on Wednesday 28 October. But perhaps quite unusually there have been no leaks on what it could include, leaving many fairly nervous about what new changes we could see – especially after Labour’s recent pledge to take the State Pension from the triple lock to the double lock from 2030.
What we do know is that current UK government bond (gilt) yields aren’t making things any easier for Burnham and Healey’s first few months in charge.
The UK 30-year gilt yield recently hit 6%, its highest level since 1998. But it’s not just long-term borrowing costs that are climbing. The 10-year gilt yield, which is a closer guide to what the government pays on most of its new borrowing, touched 5.51% on Thursday, its highest level since July 2007.
That’s eating into any headroom for the Budget. Add new spending pledges and this quickly becomes what’s commonly referred to as a Budget ‘black hole’. That’s because every extra pound the government spends on debt interest is a pound less for the public purse.
It means that not only does Healey have less room to manoeuvre, but every move is also under heavy scrutiny from the bond market. If they do something markets don’t have faith in then the yield goes even higher, making the debt bill even bigger.
What’s being rumoured for Healey’s 2026 Autumn Budget?
While the rumour mill has been churning, nothing concrete has come out of Downing Street, which is a stark contrast to the 2025 Autumn Budget.
Right now, the biggest rumour is around capital gains tax (CGT), and whether the government could bring CGT rates in line with income tax. That would see rates rise from 18% for basic-rate taxpayers to 20%, and from 24% for higher and additional-rate taxpayers to 40% and 45% respectively.
We’ve been here before. In the 2024-25 tax year, CGT bills reached a record £24.2 billion, as the number of people paying the tax jumped by 181,000 – a 45% increase.
The reason for the spike was put down to investors selling assets ahead of Labour’s first Budget back in 2024, when it was widely, and this time correctly, rumoured that they’d increase the rate of CGT. In fact, former Chancellor Rachel Reeves hiked CGT rates for basic-rate taxpayers from 10% to 18% with immediate effect, while the rate for higher-rate taxpayers rose from 20% to 24%.
It’s also been reported that the government could be considering a new windfall tax on banks and oil and gas companies, which have benefited from higher interest rates and spikes in oil prices. Oil and gas producers already pay the Energy Profits Levy, so this would add to an existing windfall tax. A move like this could weigh on share prices in both sectors, but at this stage it’s still purely speculation.
Perhaps the most controversial suggestion so far is a change to how bigger homes are taxed in the UK, specifically the new ‘mansion tax’.
In last year’s Budget, Rachel Reeves announced an annual charge of between £2,500 and £7,500 on homes worth more than £2 million, due to start in April 2028. Whispers are that Healey could lower that threshold to £1.5 million. That would more than double the number of homes affected, and could raise around £800 million a year.
The takeaway?
Tax rumours can be unsettling and can make you wonder whether to make last-minute changes. But acting on rumours can be risky.
Pensions are a good example. Ahead of both the 2024 and 2025 Budgets, there was widespread speculation that the government would cut the pension tax-free cash allowance. While it didn’t happen, it still didn’t stop a rush of withdrawals.
According to the FCA, £91.2 billion was taken out of pensions in the year to 31 March 2026, up 70% in just two years. And, unfortunately, for some people that might have been the wrong decision.
It’s why it’s so important to try and avoid reacting to headlines. It’s much more sensible to make decisions based on your own long-term goals, and to wait for the facts before you act.
So, now you’re caught up on what you need to know in time for this year’s Autumn Budget, which ETFs have InvestEngine investors been buying over the last 300+ days?
Top 10 most bought ETFs since the last Autumn Budget
This list ranks the most bought ETFs on InvestEngine — by number of net trades — from 26 November 2025 to 30 September 2026.
1. Vanguard S&P 500
This ETF aims to replicate the performance of the S&P 500 index, offering investors diversified exposure to the 500 largest companies in the United States.
This ETF gives investors access to US companies, where it could benefit from the overall growth and success of these companies, without having to invest in each one individually.
2. Vanguard FTSE All-World
This ETF invests in a broad range of companies across both developed and emerging markets worldwide. It includes a variety of large and mid-sized firms from numerous sectors, such as technology, healthcare, finance, and consumer goods.
By tracking a specific index, this ETF aims to reflect the overall performance of global stock markets, encompassing companies from regions including North America, Europe, and Asia.
3. Invesco FTSE All-World
This ETF offers investors the opportunity to invest in a wide range of companies from across the globe, including both developed and emerging markets. It aims to mirror the performance of the FTSE All-World index, providing diversified exposure to the world’s stock markets.
By investing across different countries and sectors, this ETF could help offer a lower risk way to benefit from broad global market growth.
4. Vanguard FTSE Emerging Markets
The Vanguard FTSE Emerging Markets ETF invests in a wide range of large and mid-sized companies in emerging markets across the globe.
Emerging markets are economies that are in the process of rapid growth and industrialisation, often offering higher growth potential compared to developed markets. The fund provides exposure to a diverse array of industries and countries, including China, India, Brazil, and South Africa, giving investors the opportunity to benefit from the economic expansion in these regions.
This ETF could appeal to investors looking to diversify their portfolios with long-term growth opportunities and are comfortable with the higher risks that come with investing in emerging markets.
5. iShares Physical Gold
iShares Physical Gold is an exchange-traded commodity (ETC) that gives investors a way to invest in physical gold by following the daily price of gold. It does this by owning gold bars.
This ETC might appeal to investors looking to include gold in their portfolio, without needing to hold it physically. Remember though, investing in a specialist area like this adds risk, so it should only form a small part of a well-diversified portfolio.
6. Vanguard FTSE Developed World
The Vanguard FTSE Developed World ETF invests in a broad selection of companies from developed markets around the world, providing exposure to a diverse range of industries and regions. It tracks an index that includes large and mid-sized companies across North America, Europe, and the Asia-Pacific region.
This ETF might appeal to investors looking for global diversification through a single investment, allowing them to gain exposure to well-established companies in developed economies.
7. Amundi Smart Overnight Return GBP Hedged
This ETF aims to achieve short-term returns higher than the benchmark rate SONIA with extremely low volatility. SONIA stands for ‘Sterling Overnight Index Average’, and is the average interest rate banks lend money to each other overnight.
The ETF can help offer a lower-risk place to keep money, compared to investing directly in the stock market, with the possibility of a little more growth than a more traditional savings account might offer.
8. Vanguard Global Aggregate Bond
This ETF invests in a diversified portfolio of global bonds, including government and corporate bonds.
The fund aims to track an index that represents the performance of investment‑grade bonds from around the world. The bonds included in the portfolio have different maturities and come from various regions, offering broad exposure to the global bond market.
We have linked to the accumulating version of the ETF, but you can also invest in the income-paying version.
9. ishares III PLC — Ishares MSCI World Small Cap
The MSCI World Small Cap index is a comprehensive stock market index that measures the performance of small‑cap companies across developed markets worldwide. By covering a diverse range of industries and sectors, it provides investors with broad exposure to the growth potential of smaller companies within stable, developed economies.
These companies have the potential to grow faster than larger ones, however they also tend to be riskier and can come with more ups and downs.
10. iShares FTSE 100
The iShares FTSE 100 ETF aims to track the performance of the FTSE 100 index, which is made up of the 100 largest publicly-traded companies in the UK.
It might appeal to investors looking for exposure to a broad range of leading UK companies across different industries.
What should you consider before buying an ETF?
When comparing ETFs, it’s worth digging a little deeper than recent returns.
Start by looking at what the fund actually tracks. A global index like the FTSE All-World spreads your money across thousands of companies, while something more focused, like the S&P 500, tilts heavily toward the US and big tech names. Knowing the index helps you understand where your money is really going.
Costs matter too. Most ETFs are already low cost, but even a small difference in fees can add up over time, especially if you’re investing regularly. Larger funds also tend to trade more smoothly, which can save you money when buying or selling.
Finally, think about how the ETF fits into your wider portfolio. Is it a core holding you plan to build around, or a focused addition that targets a theme like gold or fixed income? Getting that mix right can make a big difference to how your portfolio performs and how comfortable you feel holding it through market ups and downs.
For more information on each ETF, check out its factsheet where you can also find its Key Investor Information Document.
What are the risks of buying ETFs?
ETFs make investing simple, but they still come with risk. Markets move, and prices can fall just as easily as they rise. Even broad funds can drop in value during periods of uncertainty.
Some ETFs are concentrated in certain regions or sectors, which can amplify both gains and losses. Diversification helps smooth the ride, but it can’t remove risk completely. Currency movements can also affect returns on international funds, even when the underlying companies are performing well.
The key is to understand your goals and what you own and why. Short-term market moves then become less stressful and your investing decisions more consistent — which is often what matters most in the end.
How do you buy ETFs in the UK?
InvestEngine makes it straightforward to invest in top ETFs, whether you’re building a long-term portfolio or adding a few new funds for diversification.
Why use InvestEngine?
✅ No trading or platform fees
Buy and sell ETFs commission free, so more of your money stays invested and working for you (ETF costs apply).
✅ Powerful portfolio tools
Track your holdings, compare ETFs, and rebalance whenever you need — all in one simple dashboard.
✅ Automate your investing
Set up a Savings Plan to invest regularly, choosing how much and how often. It’s an easy way to stay consistent and build wealth over time.
✅ Flexible account options
Invest through an ISA, SIPP, general investment account, or business account — all with no platform fees on DIY portfolios.
Important information
Capital at risk. The value of your investments may go down as well as up, and you may get back less than you invest. Past performance is not indicative of future performance.
ETF costs apply. Remember, ISA and tax rules can change and any benefits depend on individual circumstances. ETFs featured in this article may include paid partners. This article isn’t personal advice. If in doubt, you may wish to consult a professional adviser for guidance.