FRANKFURT (DEUTSCHE BÖRSE AG) - After a run on gold and silver, followed by oil and gas, technology stocks have returned to center stage. The ongoing artificial intelligence narrative continues to propel markets, while gold ETCs are increasingly appearing on sell lists.
April 21, 2026. FRANKFURT (Deutsche Börse). While the conflict in Iran continues to influence markets and ETF trading, the resurgence of AI euphoria has now eclipsed the focus on oil, gas, gold, and silver. Janis Völker of Lang & Schwarz reports significant interest in technology and semiconductor ETFs. "Commodity trackers no longer play such a dominant role," he notes. According to Ivo Orlemann of ICF Bank, interest in oil price ETCs has also waned. "Gold ETCs are actually being sold for the most part now," he observes.
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In equity ETF trading, the VanEck Morningstar Developed Markets Dividend Leaders (NL0011683594) remains a top performer at ICF. The fund focuses on high-quality dividend payers and has posted a 35 percent gain over the past twelve months. Also popular is a classic DAX ETF (DE000ETFL060). At Lang & Schwarz, activity is currently concentrated on the major indices, with heavy buying recorded. The S&P 500 and the Nasdaq 100 climbed to new all-time highs on Friday, driven by renewed optimism surrounding AI.
Emerging Markets Shine in 2026
The German equity market is underperforming by international standards this year, according to data from the ETF platform justETF. While DAX trackers show only a slight decline of 0.6 percent, Germany ranks fourth on the "flop list" of the worst-performing country indices. Larger losses have been recorded only by Indonesia (minus 16 percent), India (minus 8 percent), and China (minus 2 percent). On the winning side, South Korea leads the pack (up 53 percent), followed by Taiwan (up 30 percent), Brazil, and Turkey (both up 29 percent).
More at: justetf.com
IT and Semiconductor Stocks in Demand
In sector ETF trading, tech trackers such as the iShares S&P 500 Information Technology Sector (IE00B3WJKG14) are once again in high demand, according to Völker. Leveraged products are also performing well, specifically the Leverage Shares 4x Long Semiconductors ETN (XS2779861082), which tracks the NYSE Semiconductor Index with fourfold leverage.
ICF clients continue to favor the L&G Clean Water (IE00BK5BC891), which invests in companies active in the clean water sector, such as those providing specialized technology. The VanEck Rare Earth and Strategic Metals (IE0002PG6CA6) also remains sought after.
Oil: Reduced Positioning
Activity in the commodity ETC segment has quieted down. "Oil price ETCs are still in demand, but less so than before. There is not much movement left in gold and silver products," Völker notes. At ICF, the WisdomTree WTI Crude Oil 3x Daily Leveraged ETC (IE00BMTM6B32), which long dominated turnover, has slipped to ninth place on the volume list. Some trading volume persists in the WisdomTree WTI Crude Oil (GB00B15KXV33) and the BNPP Brent Crude Oil (DE000PS701L2). The price of oil had fallen to 90 US dollars per barrel of Brent following the brief reopening of the Strait of Hormuz; it has since recovered to 95 US dollars.
The price of gold has been trading around 4,700 US dollars per ounce for several weeks, currently standing at 4,780 US dollars. According to Orlemann, outflows predominate here, affecting products such as the WisdomTree Physical Swiss Gold (JE00B588CD74), Invesco Physical Gold EUR Hedged (XS2183935274), and WisdomTree Core Physical Gold (JE00BN2CJ301).
Minor Recovery in the Crypto Market
Furthermore, the recent uptick in cryptocurrencies is making an impact. "For about a week and a half, we have seen increased demand for crypto ETNs," Völker reports. The focus is clearly on Bitcoin, followed by Ethereum. "Smaller coins are not playing a role." Orlemann also reports a slight increase in buying activity. Particularly popular at ICF is the Invesco Physical Bitcoin (XS2376095068). Bitcoin is currently trading around 76,000 US dollars, after hitting a low below 61,000 US dollars in February. However, its all-time high last October was nearly 126,000 US dollars.
By Anna-Maria Borse, April 21, 2026, © Deutsche Börse AG
(Deutsche Börse AG is solely responsible for the content of this column. These contributions do not constitute an invitation to buy or sell securities or other assets.)
