ETFs: Tech Stocks Are Now a Better Choice Than Commodities
First gold and silver, then oil and gas—and now tech stocks are back in the spotlight. That’s because artificial intelligence is driving the stock markets. Gold ETCs are now tending to appear on sell lists.
April 21, 2026. FRANKFURT (Deutsche Börse). The war in Iran continues to dominate the markets, including ETF trading. More important than oil, gas, gold, and silver, however, is the return of AI euphoria. Janis Völker of Lang & Schwarz sees strong interest in technology and semiconductor ETFs. “Commodity trackers no longer play such a major role,” he reports. According to Ivo Orlemann of ICF Bank, interest in oil price ETCs has also declined. “Gold ETCs are actually the most sold right now,” he notes.
In the trading of equity ETFs, the VanEck Morningstar Developed Markets Dividend Leaders (NL0011683594) remains a top performer at ICF. It focuses on strong dividend payers and has posted a 35 percent price gain over the past twelve months. Also popular: a classic DAX ETF (DE000ETFL060). At Lang & Schwarz, the focus is currently on the major indices, with heavy buying. The S&P 500 and the Nasdaq 100 rose to new all-time highs on Friday, driven by renewed optimism surrounding AI.
Emerging Markets Shine in 2026
The German stock market is performing poorly this year by international standards, as figures from the ETF platform justETF show. While DAX trackers have only posted a small loss of 0.6 percent, this still places Germany fourth on the “flop list”—the list of the worst-performing country indices. Only Indonesia (down 16 percent), India (down 8 percent), and China (down 2 percent) have posted even greater losses. On the winners’ side, South Korea tops the list (up 53 percent), followed by Taiwan (up 30 percent), Brazil, and Turkey (both up 29 percent).
- Read more: justetf.com
IT and Semiconductor Stocks in Demand
In trading of sector ETFs, tech trackers such as the iShares S&P 500 Information Technology Sector (IE00B3WJKG14) are once again in high demand, as Völker notes. Leveraged products also sold well, specifically the Leverage Shares 4x Long Semiconductors ETN (XS2779861082). This tracks the NYSE Semiconductor Index with a 4x leverage.
ICF clients continue to favor the L&G Clean Water (IE00BK5BC891). This fund invests in companies active in the clean water sector, for example by providing relevant technology. The VanEck Rare Earth and Strategic Metals (IE0002PG6CA6) also remains in demand.
Oil: Fewer Positions
Things have quieted down in the commodity ETC business. “Oil price ETCs are still in demand, but less so than before. There isn’t much activity left in gold and silver products,” notes Völker. At ICF, the WisdomTree WTI Crude Oil 3x Daily Leveraged ETC (IE00BMTM6B32), which had previously seen extremely high trading volumes, has slipped to ninth place on the trading volume list. There is still some trading volume in the WisdomTree WTI Crude Oil (GB00B15KXV33) and the BNPP Brent Crude Oil (DE000PS701L2). With the brief reopening of the Strait of Hormuz, the oil price had fallen to $90 per barrel of Brent; now it is back up to $95.
The price of gold has been trading around $4,700 per ounce for several weeks; it currently stands at $4,780. According to Orlemann, redemptions are currently dominating here, particularly for the WisdomTree Physical Swiss Gold (JE00B588CD74), Invesco Physical Gold EUR Hedged (XS2183935274), and WisdomTree Core Physical Gold (JE00BN2CJ301).
Small recovery in the crypto market
In addition, the recent rise in cryptocurrencies is making itself felt. “For about a week and a half, we’ve seen increased demand for crypto ETNs,” reports Völker. Clearly in focus: Bitcoin, followed by Ethereum. “The smaller coins don’t play a role.” Orlemann also reports slightly more purchases. The Invesco Physical Bitcoin (XS2376095068) is particularly in demand at ICF. Bitcoin is currently trading around $76,000, after hitting a low below $61,000 in February. At its all-time high last October, however, it was nearly $126,000.
By Anna-Maria Borse, April 21, 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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