ETFs: “The oil theme has run its course”
Negotiations between the U.S. and Iran are continuing, and investors are hardly betting on the oil price anymore following the recent price drop. Instead, trading volume in gold ETCs is picking up again. At the same time, doubts about AI-based valuations are resurfacing.
June 23, 2026. FRANKFURT (Deutsche Börse). Oil, gold, tech stocks—the markets remain very active. “Gold ETCs are currently our top sellers,” reports Ivo Orlemann of ICF Bank. “With oil ETCs, on the other hand, things have quieted down considerably.” For the ETF business as a whole, Holger Heinrich of Baader Bank reports increased trading volumes and a significant net buying position.
Gold is currently trading at $4,111 per troy ounce—well below January’s record high of $5,570. “Trading in gold ETCs has picked up, but redemptions are still on the rise,” notes Orlemann. Affected are the Invesco Physical Gold ETCs in U.S. dollars and euros (IE00B579F325, XS2183935274) and the VanEck Gold Miners ETF (IE00BQQP9F84).
Far more striking, however, was the plunge in oil prices following the framework agreement between the U.S. and Iran. A barrel of Brent was trading at $77 on Tuesday afternoon, down from $97 at the beginning of the month. “The sharp drop in oil prices isn’t reflected in our flows,” says Janis Völker of Lang & Schwarz. “The momentum has faded,” Orlemann adds. The only significant activity is now in the WisdomTree WTI Crude Oil 3x Daily Short (XS2819844387). This ETF tracks the WTI price inversely with 3x leverage.
Active ETFs are also popular
Trading in broadly diversified equity ETFs is the order of the day. Orlemann sees mostly buying in the Deka MSCI World (DE000ETFL508), and both buying and selling in the VanEck Morningstar Developed Markets Dividend Leaders (NL0011683594). According to Heinrich, income-oriented and high-dividend strategies dominate the buying side in the global equity segment. Examples include the iShares World Equity High Income (IE000KJPDY61) and the JPM Global Equity Premium Income Active (IE000AP27VA7)—both of which are actively managed ETFs.
Ivo Orlemann
When it comes to U.S. stocks, the focus is also on income-oriented and defensive strategies, such as the active ETF JPM US Equity Premium Income Active (IE0006YCYW06) and the UBS Factor MSCI USA Low Volatility (IE00BWT3KJ20). Nasdaq 100 trackers (LU1681038599), on the other hand, are being sold off. “In Europe, purchases focused on core regional markets and value strategies,” Heinrich adds. French (LU1681046931) and Dutch stocks, for example, are performing well. No longer in demand: small-cap ETFs such as the iShares Stoxx Europe Small 200 (DE000A0D8QZ7).
Turmoil in the Far East
According to Völker, there is currently more activity than usual in emerging markets ETFs, such as the iShares Core MSCI EM IMI (IE00BKM4GZ66) or more specialized products featuring Asian or Japanese stocks. Following recent record-breaking rallies, the stock markets in South Korea and Japan saw heavy profit-taking today, and trading in Seoul had to be temporarily suspended.
South Korea Leads in 2026
According to figures from the ETF platform justETF, the stock markets in South Korea (up 126 percent), Taiwan (82 percent), Thailand (29 percent), and Austria and Turkey (27 percent each) have performed the best since the start of the year. Indonesia (down 35 percent) tops the list of underperformers, followed by China (down 9 percent), India (down 7 percent), South Africa (0 percent), and Germany (up 2 percent).
- Learn more: www.justetf.com
Profit-Taking in the Tech Sector
Concerns about overvalued AI stocks are once again evident in trading of sector ETFs. The Nasdaq 100 also posted significant losses yesterday, Monday, but is still up 20 percent year-to-date. The VanEck Semiconductor (IE00BMC38736) has even nearly doubled since the start of the year. Investors are now taking profits, as Orlemann reports. Defense ETFs, such as those from VanEck (IE000YYE6WK5) and WisdomTree (IE0002Y8CX98), were generally well received.
“Aerospace stocks remain a hot topic, with both buying and selling,” adds Lang & Schwarz trader Völker. In the spotlight: the VanEck Space Innovators (IE000YU9K6K2).
The uncertain situation on the stock markets is also leading many to turn to bond ETFs, as Völker observes. “This applies to government and corporate bonds, but especially to money market ETFs.”
By Anna-Maria Borse, June 23, 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.
Please send feedback and questions to live@deutsche-boerse.com
Deutsche Börse 
