ETFs: “DAX Back in the Spotlight”
It has long been the case that AI and oil are top themes in ETF trading. What’s new, however, is the growing interest in the DAX. Gold is also attracting more attention again.
August 4, 2026. FRANKFURT (Deutsche Börse). Once again, the ETF market is focused on AI, semiconductors, and the price of oil. But the DAX is also attracting more attention than usual. After hitting a record high at the start of the week, the DAX set another record this Tuesday morning, reaching 26,271 points. In the U.S., the S&P 500 and the Dow Jones closed just below their all-time highs yesterday, Monday.
Semiconductor Industry: Stabilization, but No Comeback
The outlook isn’t quite as positive for tech and AI stocks. Although the Nasdaq 100 has recovered somewhat, it remains about 6 percent below its record high. The South Korean KOSPI, considered an AI index, has also stabilized. Nevertheless, price losses since the record high total about one-third.
At ICF Bank, the VanEck Semiconductor ETF (IE00BMC38736) is being actively traded—both bought and sold—as reported by Ivo Orlemann. “Volume in semiconductor- and AI-heavy Asian indices is extremely high, with both inflows and outflows,” reports Lang & Schwarz trader Janis Völker. The iShares MSCI Global Semiconductors (IE000I8KRLL9) is also seeing high trading volumes. However, leveraged semiconductor ETNs also remain extremely popular, specifically the WisdomTree PHLX Semiconductor 3x Daily Leveraged (XS3091657729) and its short variant (XS3091646797)—among clients of Lang & Schwarz and ICF Bank.
South Korea Crash and Its Consequences
extraETF author Thomas Brummer vividly illustrates the risks of leveraged ETFs using the current example of leveraged South Korean ETFs—specifically, the single-stock ETFs tracking Samsung Electronics and SK Hynix. “At first, the strategy paid off,” he explains, referring to the strong price gains following the ETFs’ launch in May. However, with the collapse of the KOSPI, prices plummeted rapidly, and the leverage “backfired”: “According to the LSGE (London Stock Exchange Group), the most-traded of these funds, the KODEX SK Hynix Single Stock Leverage ETF, has fallen by about 70 percent since its record high in June and is now trading about 50 percent below its issue price.”
- Learn more: extraetf.com
DAX ETFs: Positioning and Profit-Taking
As far as the DAX is concerned, according to Völker, investors are betting on everything: traditional DAX trackers, as well as dividend and other strategy ETFs. Orlemann also sees higher trading volume but reports outflows from the Deka DAXplus Maximum Dividend (DE000ETFL235). “Interestingly, we’ve seen more sales than purchases, particularly in German ETFs,” reports Holger Heinrich of Baader Bank. The Invesco MDAX (IE00BHJYDV33), for example, is being sold off. By contrast, the Amundi MSCI Europe Climate Paris Aligned (LU2130768844), which invests in ESG stocks across Europe, is seeing increased inflows.
However, as always, global and U.S. ETFs are seeing the highest trading volumes. “At the international level, we saw about 50 percent more purchases—along with increased trading volumes,” notes Heinrich. Investors are focusing, for example, on the UBS MSCI World Selection (IE0009W21NT4) and the iShares MSCI World Value Factor Advanced (IE000H1H16W5). As is almost always the case with ICF clients: the VanEck Morningstar Developed Markets Dividend Leaders (NL0011683594). Orlemann, on the other hand, reports outflows from the Invesco MSCI World (IE00B60SX394).
According to Heinrich, the Amundi PEA Dow Jones Industrial Average (LU2572256662) and the State Street SPDR S&P 400 US Mid Cap (IE00B4YBJ215) are on the shopping lists for U.S. stocks.
Focus on Banking and Clean Water
Aside from the tech and AI sectors, attention is also turning to the financial sector, as Völker notes. “The quarterly results were good,” he remarks, reporting purchases of banking ETFs. The L&G Clean Water (IE00BK5BC891) remains a favorite among ICF clients.
“Heavy Trading in Leveraged Oil ETCs”
Oil also remains a hot topic. After trading above $100 a barrel a week and a half ago, Brent crude is now trading at just $85 a barrel. Völker reports heavy trading in leveraged oil ETCs on Brent and WTI, specifically the long and short variants (XS2819844387).
At ICF, a lot also revolves around gold. The VanEck Gold Miners ETF (IE00BQQP9F84) is even the top-selling fund. “However, it’s only being sold,” adds Orlemann. He also sees outflows for the currency-hedged Invesco Physical Gold EUR Hedged (XS2183935274), while the non-hedged version (IE00B579F325) is seeing “almost exclusively purchases.” The price of gold has been moving sideways for several weeks and stood at $4,054 per troy ounce on Tuesday afternoon.
Ivo Orlemann
By Anna-Maria Borse, August 4, 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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