It really does depend on what you’re looking for. You can “replace” US Treasuries with comparatively safe assets like British gilts or bonds from large, stable EU countries like France or Germany, but these will be denominated in GBP or EUR respectively, not USD, so they’re not a drop-in replacement. The EU itself also plans to issue some joint debt to pay for Ukraine-related expenses, so that might also be available depending on how they do it.

As for stocks and ETFs, there is the Euronext 100, but a cursory web search didn’t reveal any ETFs that track it. I’m sure there probably is one, but I just didn’t find it.

That being said, the Euronext 100 isn’t a replacement for American indexes like the S&P 500 though. The liquidity on the European side is lower (and for EUR securities in general), and because the American stock market in general performs better than the European stock market, you would give up a lot of financial gain. If you invested $1,000 into an S&P 500 index fund on 1 January 2010, that would now be worth $6,111. But if you instead invested 1 000€ into a Euronext 100 index fund on the same date, it would only be worth 2 548€ today. Even if you cut it off before the AI-led growth in the American stock market, the S&P 500 still would have outperformed the Euronext 100 by nearly double.

Non-US Bonds, Stocks and ETFs?

I found this Reddit list, but I thought I’d see what Lemmy comes up with:

https://www.reddit.com/r/stocks/comments/1k0hvd4/what_assets_are_the_best_alternatives_to_us/

There are many ETFs that offer broad diversification into international markets. Most US brokerages offer their own mutual funds for international equities as well.

There is much disagreement over the optimum ratio of US-to-international equities, but unless you’re a hardcore US exceptionalist, anywhere between 20-40% of your equity portfolio should be ex-US, according to most researchers.

VSGX is a diversified Vanguard ETF with >6,000 different non-US company stocks. This is an ESG-screened fund, basically meaning that it avoids fossil fuel and tobacco companies. Since it’s Vanguard, it has a super low 0.1% expense ratio

BNDX is the Vanguard international bond ETF, with ~58% of holdings in Europe-based bonds. It has a 0.07% expense ratio and pays a monthly dividend equal to about 4% return/year

There are all of those things outside the US. Companies like Amundi, Union Investment, or Royal London Asset Management just to name a few. They all offer products with no US assets

Think assets - the main issue is that all major currencies, banks, and exchanges are deeply correlated to the petro dollar - anything tied more closely to the currency than it is to practical reality is likely too correlated to the usd.

Think of things that could remain useful and valuable outside of the financial system collapse

precious metals, real estate, tools, farms, service and manufacturing businesses

These assets require more effort and have less protections and are currently less liquid than the standard financial instruments of stocks and bonds.

however as a person who beleives in the inevitability of a global financial currency reset/collapse within my lifetime - i weigh those risks and efforts and liquidity as more acceptable than the old/current era’s stocks and bonds - i still hedge my bet by owning stocks and bonds of course - but the ratio between real assets and financial instruments is shifting more to real assets

Do not trust financial instruments that represent real assets like reits or things like gld/slv or futures - during a force majeure event they will just be pieces of unenforced paper

Www.justetf.com is useful.

Depends on your risk tolerance. Low tolerance look at commodities. Higher tolerance look at emerging markets. Europe is pretty stagnant, would not recommend.