ETFs: “Germany Is Currently in Demand”

The tech caution of recent weeks has faded, although investors continue to take a differentiated view of the U.S. Also noteworthy: DAX ETFs are popular again. Bitcoin’s recent surge is also boosting crypto ETN trading. September 29, 2026. FRANKFURT (Deutsche Börse). Oil prices and AI valuations remain key topics in ETF trading. Most recently, news that ChatGPT developer OpenAI is suspending the training of its most powerful AI models following another incident caused some unease. However, there was no significant selling. Frank Mohr of Société Générale reports a clear buying surplus for equity ETFs overall. “However, U.S. equities are no longer as much in demand,” he adds. Ivo Orlemann of ICF Bank currently sees the focus more on gold price trackers anyway. And Janis Völker of Lang & Schwarz reports high trading volumes in crypto ETNs. “Those with a higher risk appetite are currently betting on cryptocurrencies.” The DAX, Stoxx Europe 600, S&P 500 and Nasdaq are currently holding at high levels, albeit below their record highs.Buying dominates trading in equity ETFs, although Mohr reports only a slight buying surplus for U.S. ETFs. The Invesco MSCI USA ( ) and the BNP Paribas Easy S&P 500 ( ), for example, are seeing both buying and selling. “We are clearly seeing more buying in Nasdaq ETFs ( ),” he notes. The same applies to global equities.“Also striking is the strong interest in Germany,” Mohr explains. DAX trackers from iShares ( ) and Xtrackers ( ), as well as MDAX ETFs from Invesco ( ), are being bought. ShortDAX ETFs are being sold. “This shows that Germany is currently in demand.”Tech Caution Is OverSector ETFs continue to focus heavily on tech stocks. According to Mohr, the iShares S&P 500 Information Technology Sector ( ) and the Xtrackers MSCI World Information Technology ( ) are being added to portfolios. Völker also sees hardly any selling of tech and AI ETFs. “Most buyers of AI ETFs are likely investing for the long term,” he says.Frank MohrOther sectors generating high trading volumes at Société Générale include energy and financials, with energy ETFs seeing predominantly selling and financial ETFs mostly being bought. According to Orlemann, defense ETFs are currently more likely to be on investors’ sell lists. Examples include the WisdomTree Europe Defence ( ) and the VanEck Defense ( ).In bond ETF trading, money market trackers are once again in focus. According to Mohr, investors are also turning to government bonds, however, for example through the Vanguard EUR Eurozone Government Bond ( ) and iShares ETFs that track global government bonds.“A Lot of Activity” in Crypto Trackers“Crypto ETNs have been seeing a lot of activity again for the past few weeks,” Völker of Lang & Schwarz also reports. “The focus is on Bitcoin and Ethereum, but smaller coins are also making a comeback.” Most transactions are purchases. At around $84,000, Bitcoin remains well above its summer levels of approximately $63,000.Gold Price Decline Used as a Buying OpportunityGold is significantly weaker. The price of a troy ounce stood at just $4,142 at midday on Tuesday, after briefly exceeding $4,600 in August. At ICF, gold ETCs are currently generating the highest trading volumes, mostly on the buy side, including the currency-hedged ( ) and unhedged ( ) versions of the Invesco Physical Gold. Orlemann is also seeing almost exclusively buying in the VanEck Gold Miners ETF ( ). ◄Previous►NextBy Anna-Maria Borse, September 29, 2026, © Deutsche Börse AG About the Author Anna-Maria Borse is a financial and business editor specializing in financial markets/stock exchanges and macroeconomic topics.Feedback and questions: live@deutsche-boerse.com

ETFs: “Germany Is Currently in Demand”

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