ETFs: Switching from Tech to Global Indices
Skepticism toward AI is also on the rise in the ETF market. Many investors are taking profits on tech stocks and diversifying their portfolios more broadly. The renewed rise in oil prices is also driving heavy trading in oil ETCs.
September 15, 2026. FRANKFURT (Deutsche Börse). Renewed AI concerns and the further rise in oil prices are driving ETF trading. Overall, however, buying is on the rise, as Frank Mohr of Société Générale reports. “Nasdaq ETFs, however, are clearly being sold off.”
The CEOs of major AI companies such as Anthropic and OpenAI recently issued urgent warnings about the risks of AI and called for a slowdown in its development. Skepticism toward AI is already palpable in the ETF market: “We’re seeing a shift from tech-heavy indices to more broadly diversified global indices,” Mohr reports. Nasdaq trackers are being sold off heavily. “Apparently, people no longer trust the AI sector.”
Profit-taking and broad diversification
According to Mohr, investors are turning to MSCI World trackers, such as those from iShares and Xtrackers, or the Vanguard FTSE All-World (IE00BK5BQT80) and the new Vanguard FTSE Global All-Cap (IE000VAHT5T0). The latter offers exposure to large-, mid-, and small-cap companies from developed and emerging markets worldwide, with a total expense ratio of just 0.07 percent. For the extremely popular Vanguard FTSE All-World, Vanguard recently lowered the expense ratio from 0.19 to 0.14 percent.
U.S. stocks are also on Société Générale clients’ shopping lists, such as the SPDR S&P 500 (IE000XZSV718). European stocks are also being bought more than sold, but they do not play as significant a role. “German stocks account for only 4 percent of equity ETF trading volume,” adds Mohr. Popular choices here include DAX trackers from iShares (DE0005933931) or Xtrackers (LU0274211480), as well as ShortDAX ETFs, which are used to bet on price declines.
No Summer Slump
Investment in ETFs surged this summer, as reported by the ETF analysis and trading firm Crossflow: “So much for a summer slump! The European ETF market has never before seen an investment volume of 128.3 billion euros in just three months,” the report states. Crossflow compares these volumes to those of previous years: “While the average monthly investment volume in the equity sector was still 4.3 billion euros in 2022, it had already reached 16.5 billion euros in 2024, 20.9 billion euros last year, and a robust 29 billion euros per month through August.” This means that inflows have more than sextupled within just a few years.
- Learn more: www.crossflow.de
“Everything related to oil”
At ICF Bank, it’s all about “commodities, commodities, and commodities,” as Frank Wöllnitz reports. The price of oil has risen significantly recently. As of Tuesday afternoon, a barrel of Brent crude was trading at $108—the highest level since May. “Everything related to oil is in demand, such as WTI ETCs,” Wöllnitz reports. He also sees “massive buying” in the WisdomTree Broad Commodities (IE00BKY4W127), which tracks the Bloomberg Commodity Total Return Index. At Lang & Schwarz, there’s a lot of trading in oil ETCs such as the WisdomTree Brent Crude Oil 3x Daily Leveraged (IE00BMTM6D55), as Andreas Schröer reports. “These are mainly purchases.”
According to Wöllnitz, gold ETCs and gold mining ETFs are not performing as well as they did in previous weeks. “They’re mostly being sold off,” he notes. One exception: the currency-hedged Invesco Physical Gold EUR Hedged (XS2183935274). According to Schröer, investors are still betting on the VanEck Junior Gold Miners (IE00BQQP9G91). The price of gold has given back a large portion of its August gains. An ounce currently costs $4,265.
Gold ETCs More Popular Than Ever
In August, gold ETCs saw record inflows. Crossflow calls it “a real smash hit” with 5.7 billion euros in inflows—the highest since ETCs were introduced. Three physical gold ETCs—the iShares Physical Gold, the Invesco Physical Gold, and the Amundi Physical Gold—all ranked among the top three in the list of the top 10 ETFs and ETCs with the highest inflows.
Health Care Stocks in Demand
As for other sectors, health care and energy are in focus. “Health care stocks are the most popular buys,” Mohr reports, referring to the iShares Nasdaq US Biotechnology (IE00BYXG2H39). Energy ETFs, on the other hand, are being sold off. “That’s likely profit-taking.” The L&G Clean Water (IE00BK5BC891) remains a favorite among ICF clients. Also in demand: the WisdomTree Europe Infrastructure (IE000AFVONT7).
Bonds: No Longer Just Money Market
As Mohr notes, money market trackers once again dominate trading in bond ETFs. However, a wide range of other products is also popular: U.S. inflation-indexed bonds (TIPS), for example, as well as Spanish government bonds and covered bonds.
Frank Mohr
According to Schröer, there’s a lot of activity in the trading of crypto-ETNs, with both inflows and outflows. “It’s almost exclusively about Bitcoin—not the second- or third-tier cryptocurrencies.” Bitcoin is currently trading at just under $77,000—despite the recent rise, it’s still well below its record high of over $125,000 set in October.
By Anna-Maria Borse, September 15, 2026, © Deutsche Börse AG
About the Author
Anna-Maria Borse ist Finanz- und Wirtschaftsredakteurin mit den Schwerpunkten Finanzmarkt/Börse und volkswirtschaftliche Themen.
Feedback und Fragen an live@deutsche-boerse.com
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