ETFs: "AI fever is on the decline"
After Wall Street hit new highs time and again, it’s now time to take a breather. However, tech ETFs remain in demand, as do oil ETCs—due to the recent rise in oil prices. Also popular: niche themes such as space exploration.
May 19, 2026. FRANKFURT (Deutsche Börse). The AI fever of the previous week has cooled off somewhat, with the Middle East conflict and high oil prices back in the spotlight. “The mood is mixed,” reports Ivo Orlemann, who trades ETFs for ICF Bank. In addition to purchases, he is also seeing quite a few redemptions. Last week, new highs were still being reached on the U.S. tech exchange Nasdaq. In ETF trading, tech trackers were therefore among the top performers in terms of turnover, as traders report.
Highly sought-after at ICF: the VanEck Semiconductor (IE00BMC38736). At Lang & Schwarz, too, the index fund is among the top sellers, as Michael Norizin reports. Over a twelve-month period, the price has more than doubled. According to Norizin, leveraged tech ETFs are also in high demand. In addition, some more specialized themes are apparently also proving popular. ICF clients are placing heavy bets on the L&G Clean Water (IE00BK5BC891) and the VanEck Space Innovators (IE000YU9K6K2). The VanEck Defense (IE000YYE6WK5), on the other hand, is seeing more selling—the sector has been under selling pressure for several weeks.
Tech Indices in the Lead
In the first few months of the year, gold mining and oil/gas indices still dominated the list of top-performing sectors for 2026. Now, tech indices are back on top, as figures from the ETF platform justETF show. The top three spots are held by semiconductor indices, which serve as the basis for ETFs from iShares (IE000I8KRLL9), HSBC (<IE000YDZG487>), and Global X (IE0000ZL1RD2). Since the start of the year, they have posted gains of 64 to 69 percent. An oil services index, the MarketVector US Listed Oil Services 10% Capped Index—the underlying for the VanEck Oil Services (IE000NXF88S1)—ranks fourth.
- Learn more: justetf.com
Profit-taking in equity ETFs
Broadly diversified equity ETFs, on the other hand, are currently often appearing on sell lists, as Orlemann reports, such as the Invesco MSCI World (IE00B60SX394). Even the VanEck Morningstar Developed Markets Dividend Leaders (NL0011683594), which usually sees high demand and holds high-dividend stocks, is currently mostly being sold off. Notably, the highest trading volume at ICF recently came from an emerging markets tracker, the HSBC MSCI Emerging Markets (IE000KCS7J59), which is also seeing selling pressure. The MSCI Emerging Markets had reached a record high a week and a half ago and has been somewhat weaker since then. However, it is still up 17 percent since the start of the year.
Rising Oil Prices: More Oil ETCs Again
Trading in commodity ETCs is picking up again, as Norizin reports, particularly in oil price ETCs. Given the ongoing tensions in the Middle East, the Brent price has risen back above $110 per barrel. Lang & Schwarz’s trading-savvy clientele likes to invest in leveraged products, specifically the WisdomTree WTI Crude Oil 3x Daily Leveraged (IE00BMTM6B32), the WisdomTree WTI Crude Oil 3x Daily Short (XS2819844387), and their Brent counterparts.
Precious metal ETCs are being sold off, as Orlemann notes, such as gold price trackers from Invesco (XS2183935274, IE00B579F325) and WisdomTree (JE00BN2CJ301), as well as silver price trackers from WisdomTree (JE00B1VS3333), including a 3x leveraged short version (XS3306517924). Norizin notes increased interest in the WisdomTree Silver 3x Daily Leveraged (XS3306516876), which has just undergone a 10-to-1 split. “This has been well received by clients, and liquidity has risen significantly.”
Ivo Orlemann
By Anna-Maria Borse, May 19, 2026, © Deutsche Börse AG
About the Author
Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.
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