ETFs: “Fears of an End to the AI Boom”

Doubts about AI-driven stock ratings have resurfaced, leading some investors to sell their tech stocks. Broadly diversified ETFs, on the other hand, remain as popular as ever. But commodities are also in the spotlight, especially gold and oil.October 20, 2026. FRANKFURT (Deutsche Börse). The pullback in tech stocks has reached the ETF market. “Overall, buying is outpacing selling in equity ETFs,” reports Frank Mohr of Société Générale. “However, we’re seeing a slight selling surplus in tech ETFs.” Ivo Orlemann of ICF Bank also reports outflows from semiconductor ETFs, some of which are even substantial.The U.S. tech index Nasdaq 100 has been on a downward trend for about two weeks. The index is now nearly 6 percent below its recent high. This is due to concerns about overvaluation of AI companies. “The momentum seems to have run out,” comments Mohr. The iShares S&P 500 Information Technology ( ) and the First Trust Nasdaq Cybersecurity ( ) are on the sell lists. Investors continue to buy into the Xtrackers Artificial Intelligence & Big Data ( ). Orlemann sees large-scale outflows from the L&G Artificial Intelligence ( ) and—to a lesser extent—from the VanEck Semiconductor ( ). Better to be broadly diversified than concentratedGlobal stocks once again dominate trading in broadly diversified equity ETFs. According to Mohr, they account for about 40 percent of trading volume, with a clear net buying position. Popular examples include the Vanguard FTSE All-World ( ) and the iShares Core MSCI World ( ). Both indices are slightly below their all-time highs but have not lost as much ground as the Nasdaq 100. Among ICF clients, the VanEck Morningstar Developed Markets Dividend Leaders ( ) is in demand.According to Mohr, U.S. stocks are also generally being bought, such as the Vanguard S&P 500 ( ). The iShares counterpart ( ), on the other hand, is being sold off. European stocks do not play such a major role. Here, too, Société Générale clients are mostly buying, for example, the Amundi Core Stoxx Europe 600 ( ). Defense ETFs: No Longer a Topic of InterestAs far as sector ETFs are concerned, financial ETFs are still generating higher trading volumes at Société Générale—mostly with sell orders. Among ICF clients, the L&G Clean Water ( ) is once again proving popular. There isn’t much activity anymore in the once-popular defense ETFs, as Orlemann adds, such as the VanEck Defense ( ). The industry is in the starting blocks. The Retirement Savings Account (AVD), which allows for government-subsidized wealth accumulation through ETFs and mutual funds, is set to launch in early 2027. Nine out of ten banks and savings banks surveyed are already planning to offer a Retirement Savings Account, as shown by the 2027 AVD Barometer from dwpbank and lemon.markets. Eighty-two percent plan to launch by January 1, 2027, and 93 percent by the end of the first half of the year. Eighty-one percent expect market shares to be largely distributed by 2030 at the latest. The price war has already begun: Trade Republic plans to offer the AVD—at least for certain ETFs—completely free of charge.More on this: https://www.dwpbank.de/magazin/markt/avd-barometer-2027-zwischen-aufbruch-und-offenen-fragen/. Money Market ETFs: A Major Revenue DriverIn the bond ETF sector, the focus is primarily on money market and money market-related products. Investors are seeking out Xtrackers’ overnight ETFs ( ) or the Vanguard EUR Cash ( ).Gold and Oil ETCs Are Booming; Bitcoin Is Back in the MixAt ICF Bank, there’s also continued heavy activity in gold, silver, and oil ETCs. The top-performing product in terms of trading volume is the triple-leveraged WisdomTree Brent Crude Oil 3x Daily Short (XS3306517098)—with both buys and sells. The Invesco Physical Gold EUR Hedged (XS2183935274) is also very popular. The WisdomTree Physical Silver (JE00B1VS3333), on the other hand, is mostly being sold off at the moment. The price of Brent crude has recently risen sharply again and stood at $110 per barrel on Tuesday afternoon. Meanwhile, gold is trading at $4,125 per troy ounce, having moved sideways since the end of September.According to ICF trader Orlemann, a Bitcoin ETN has also made it into the top ten by trading volume: the Invesco Physical Bitcoin ETN ( )—though “almost exclusively through sales.” Bitcoin is currently trading at $81,300; during the summer months, it hovered around $63,000 for an extended period. ◄Previous►Next By Anna-Maria Borse, October 20, 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.Feedback and questions to live@deutsche-boerse.com

ETFs: “Fears of an End to the AI Boom”

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