Best ETFs on the Warsaw Stock Exchange 2026 — Top GPW-Listed Funds Ranked

ETFs on the Warsaw Stock Exchange — Why They Deserve Your Attention

The Warsaw Stock Exchange (GPW) lists 23 ETFs that give investors easy access to diversified portfolios without needing a foreign brokerage account. For those investing in Polish zloty, these funds eliminate currency conversion costs and settle through the domestic KDPW system.

Key advantages of GPW-listed ETFs:

• Transactions in Polish zloty (no FX conversion costs)
• Settlement through KDPW (domestic system)
• Lower barriers to entry for beginners
• Trading during GPW market hours

GPW ETF market snapshot (February 2026):

• Total assets: PLN 8.2 billion (+34% YoY)
• Average daily volume: PLN 45 million
• Most actively traded: BETAETF WIG20TR (16% of total volume)

🏆 GPW ETF Ranking — TOP 15

1. 🥇 BETAETF WIG20TR (W20T) — 9.1/10

Best for: Exposure to Poland's largest companies

Key metrics:

• Index: WIG20 Total Return
• AUM: PLN 1.2 billion
• TER: 0.25% per year
• Liquidity: Very high (PLN 8–12 million daily)
• Dividends: Reinvested (TR — Total Return)

Top 5 holdings:

1. PKN Orlen (12.8%)
2. Allegro (11.2%)
3. CD Projekt (9.1%)
4. LPP (8.7%)
5. Dino Polska (7.9%)

3-year performance:

• 2023: +38.2%
• 2024: +12.1%
• 2025: +24.7%
• Average: +25.0% per year

✅ Pros:

• Highest liquidity among GPW ETFs
• Tightest bid-ask spreads (0.05–0.10%)
• Excellent tracking error (0.12%)
• Exposure to dividend aristocrats

❌ Cons:

• Concentrated on the Polish market (no geographic diversification)
• Heavy weighting toward energy and technology sectors
• Cyclical nature of the Polish economy

2. 🥈 iShares Core WIG20 (IWG20) — 8.8/10

Best for: Passive blue-chip investing

Key metrics:

• Index: WIG20
• AUM: PLN 890 million
• TER: 0.30% per year
• Liquidity: High (PLN 4–7 million daily)
• Dividends: Distributed (2.8% yield)

✅ Pros:

• Global leader brand (BlackRock)
• Regular dividend payouts
• Available at all brokers
• Stable tracking

❌ Cons:

• Higher costs than competitors
• Dividends subject to tax
• Lower liquidity than BETAETF

3. 🥉 Xtrackers MSCI Poland (XPO) — 8.5/10

Best for: Broad exposure to the Polish market

Key metrics:

• Index: MSCI Poland
• AUM: PLN 420 million
• TER: 0.40% per year
• Holdings: 45 companies (broader than WIG20)

✅ Pros:

• Greater diversification (45 vs 20 companies)
• Mid-cap exposure
• DWS brand (Deutsche Bank)

❌ Cons:

• Higher costs
• Lower liquidity
• Overweight in certain sectors

4. LYXOR WIG20 (LW20) — 8.2/10

Best for: An alternative WIG20 ETF option

Key metrics:

• Index: WIG20
• AUM: PLN 380 million
• TER: 0.35% per year
• Replication: Synthetic

✅ Pros:

• Low transaction costs
• Good tracking with synthetic replication
• Regular arbitrage activity

❌ Cons:

• Counterparty risk (synthetic replication)
• Less transparency
• Concentrated on WIG20

5. db x-trackers MSCI Emerging Markets (XEM) — 7.9/10

Best for: Emerging market exposure via GPW

Key metrics:

• Index: MSCI Emerging Markets
• AUM: PLN 180 million
• TER: 0.18% per year
• Top 3 countries: China (28%), India (19%), Taiwan (15%)

✅ Pros:

• Lowest costs in the EM category
• Access to 1,400+ emerging market companies
• Transactions in PLN

❌ Cons:

• High concentration in China
• Lower liquidity (PLN 1–2 million daily)
• High volatility

6. iShares Core S&P 500 (CSPX) — 7.7/10

Best for: US market exposure via GPW

Key metrics:

• Index: S&P 500
• AUM: PLN 95 million (on GPW)
• TER: 0.07% per year
• Base currency: USD (hedging available)

✅ Pros:

• Cheapest way to invest in the S&P 500
• Excellent liquidity on global markets
• High-quality constituents

❌ Cons:

• Low liquidity on GPW
• USD/PLN currency risk
• Wide bid-ask spreads on GPW

7. BETAETF mWIG40TR (M40T) — 7.5/10

Best for: Polish mid-cap growth

Key metrics:

• Index: mWIG40 Total Return
• AUM: PLN 65 million
• TER: 0.30% per year
• Top holdings: Asseco, CCC, Cyfrowy Polsat

✅ Pros:

• Exposure to fast-growing mid-cap companies
• Lower correlation with WIG20
• Potential for higher returns

❌ Cons:

• Higher volatility than large-cap
• Lower liquidity
• Mid-cap-specific risk

8. iShares Core FTSE Developed Europe (IEUR) — 7.3/10

Best for: European diversification

Key metrics:

• Index: FTSE Developed Europe
• AUM: PLN 52 million (on GPW)
• TER: 0.12% per year
• Top countries: France (19%), Germany (17%), UK (15%)

✅ Pros:

• Cheap access to European markets
• Good geographic diversification
• Low costs

❌ Cons:

• Low liquidity on GPW
• EUR/PLN currency risk
• Exposure to stagnating markets

9. BETAETF sWIG80TR (S80T) — 7.1/10

Best for: Small-cap value investing

Key metrics:

• Index: sWIG80 Total Return
• AUM: PLN 28 million
• TER: 0.35% per year
• Profile: 80 smallest companies on the main market

✅ Pros:

• Small-cap access in a single instrument
• Potential for higher long-term returns
• Value premium

❌ Cons:

• Very high volatility
• Low liquidity
• Difficult fundamental analysis

10. SPDR S&P Euro Dividend Aristocrats (EUDV) — 6.9/10

Best for: European dividend investing

Key metrics:

• Index: S&P Euro High Yield Dividend Aristocrats
• AUM: PLN 35 million
• TER: 0.30% per year
• Dividend yield: 4.2% per year

✅ Pros:

• Stable dividend payouts
• Quality screening (aristocrats)
• Defensive character

❌ Cons:

• Limited sector diversification
• Concentration in value stocks
• Low liquidity

📊 Key Metrics Analysis

Liquidity (average daily volume)

Total costs (TER + spread + impact)

Tracking error (deviation from index)

🎯 GPW ETF Portfolio Strategies

100% Polish portfolio (conservative)

• 60% W20T — stable large-caps
• 30% M40T — mid-cap growth potential
• 10% S80T — small-cap value tilt

Expected return: 8–12% per year Risk: Medium, geographic concentration

Diversified portfolio (moderate)

• 40% W20T — Polish exposure
• 25% CSPX — US growth
• 20% IEUR — European stability
• 15% XEM — emerging markets premium

Expected return: 7–10% per year Risk: Medium, geographic diversification

Global portfolio (via GPW)

• 30% CSPX — developed markets (US)
• 25% IEUR — developed markets (Europe)
• 25% XEM — emerging markets
• 20% W20T — home bias (Poland)

Expected return: 6–9% per year Risk: Medium to low

⚠️ Challenges with GPW ETFs

Main limitations:

1. Limited selection

   • 23 funds vs 2,000+ in the US
   • No sector-specific ETFs
   • Poor bond representation

2. Lower liquidity

   • Most funds trade under PLN 2M daily
   • Wider bid-ask spreads
   • Difficulty with larger transactions

3. Higher total costs

   • TER + spread often exceeds 0.5%
   • Worse conditions than global markets
   • Limited arbitrage opportunities

4. Geographic concentration

   • Dominated by Polish ETFs
   • Limited diversification options
   • Home bias in the product offering

🌟 Best Strategies for 2026

For beginners (first investment)

Recommendation: 100% W20T

• Highest liquidity
• Lowest transaction costs
• Good quality constituents
• Simple execution

For experienced investors (portfolio building)

Recommendation: Core-satellite approach

• Core (60%): W20T + CSPX
• Satellite (40%): XEM + M40T + sector positions

For advanced investors (tactical allocation)

Recommendation: Global allocation via GPW

• Exploit momentum across regions
• Tactical overweight/underweight
• Currency hedging considerations

Outlook for 2026–2027

Expected growth of the GPW ETF market:

• New products: 5–8 ETFs per year
• Asset growth: +25–30% per year
• Liquidity improvement: consolidation around top 10

Product trends:

• ESG/sustainable ETFs
• Sector ETFs (tech, healthcare)
• Smart beta strategies
• Currency hedged products

How Freenance Can Help

Freenance.io offers advanced tools for analyzing ETFs:

• GPW ETF Screener — compare costs, liquidity, and performance of all funds
• Portfolio Analyzer — optimize your allocation across different ETFs
• Cost Calculator — calculate real costs including spreads and market impact
• New Product Alerts — be the first to learn about new ETF launches

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Remember: GPW-listed ETFs are an excellent way to start investing, but don't limit yourself to them alone. As you gain experience, consider global ETFs available through international brokers for better diversification and lower costs.