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28/04/26 14:02:01

ETFs: Nasdaq highs attract investors to tech ETFs

The Middle East war, the energy crisis, the AI bubble—none of these are a concern anymore. At least in the U.S. market, where new highs are being set. As a result, tech and U.S. ETFs, as well as U.S.-heavy global ETFs, are particularly popular. Apparently, however, many investors are also interested in “non-U.S.” options. 


April 28, 2026. FRANKFURT (Deutsche Börse). The ETF market remains very active. “Trading volumes are high, and buying clearly outweighs selling,” reports Frank Mohr of Société Générale. Holger Heinrich of Baader Bank also reports a buying surplus, though trading volumes are declining. In the U.S., the S&P 500 and Nasdaq reached new all-time highs yesterday, Monday. The DAX, on the other hand, has been treading water for several weeks and stood at 24,111 points on Tuesday afternoon.

U.S. and U.S.-heavy global ETFs are particularly in demand, as Mohr notes. Examples: the Core S&P 500 and MSCI World ETFs from iShares (IE00B5BMR087, IE00B4L5Y983). Nasdaq ETFs from various issuers are also extremely popular. At Baader Bank, technology-oriented strategies continue to dominate the U.S. sector, along with growth-oriented approaches. Investors are turning to Nasdaq trackers from BNP and UBS, among others. In trading World ETFs, the UBS MSCI World (LU0340285161) and the WisdomTree Megatrends (IE0000902GT6) are being bought, among others.

Rather unusual: the high inflows into the Amundi Global Gender Equality (LU1691909508), as Mohr observes. The ETF tracks companies where gender equality is particularly important. 

Many ex-U.S. ETFs. The high U.S. weighting in traditional global ETFs is prompting more and more issuers to launch “ex-U.S.” ETFs. Recent examples include the Xtrackers FTSE All-World ex US (IE000YKHGYN2) and the Amundi MSCI World Ex USA Screened (FR0013209921). Both focus on large- and mid-cap companies from developed and emerging markets and exclude the U.S. The U.S. weighting in the MSCI World was most recently 71 percent, while in the FTSE All World it is 61 percent. 

Skepticism Toward Eurozone Countries

The picture is less clear when it comes to European stocks: Mohr sees modest inflows into pan-European stocks, but outflows from eurozone stocks. Heinrich reports demand for European small caps, such as the Amundi MSCI Europe Small Cap ESG Broad Transition (LU2572257470). Individual countries are also in focus, such as Italy with the iShares FTSE MIB (IE00B53L4X51) and Germany with the Amundi Core DAX (LU3206583067).

Tech ETFs as Favorites

In trading of sector ETFs, tech ETFs dominate in light of the Nasdaq highs, with a clear buying surplus, as Mohr reports. Examples: MSCI World IT ETFs from Amundi (LU0533033667) and Xtrackers (IE00BM67HT60), as well as the Xtrackers Artificial Intelligence & Big Data (IE00BGV5VN51). All three have reached new price highs. According to Mohr, healthcare ETFs are also being actively traded, with both buys and sells, as are energy trackers, with more buys.
 

More active than traditional ETFs? State Street expects that, for the first time, more active ETFs than traditional ETFs will be launched in Europe in 2026. “Active ETFs are likely to be among the most important—if not the most important—product trends on the European market in 2026, continuing the trend that began in 2025,” the report states. So far, active ETFs still occupy a niche position in Europe: According to State Street, active strategies account for only 3 percent of assets under management in ETFs. In the U.S., however, the figure is already more than 11 percent.

Money Market ETFs: High Trading Volumes

Bond ETFs aren’t a major focus right now. “The action is clearly in the equity sector,” Mohr notes. However, he reports steadily rising trading volumes in money market ETFs—on both sides. As always, the overnight ETFs from Amundi (LU1190417599) and Xtrackers (LU0290358497) are prominently represented.

By Anna-Maria Borse, April 28, 2026, © Deutsche Börse AG

Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.

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