ETF Strategies

The Amundi NYSE Arca Gold BUGS ETF achieved a return of 26.24 percent in February 2026, significantly outperforming comparable funds, according to data from Morningstar. At the time of measurement, the passively managed ETF held a volume of 811.4 million euros.

After years of geopolitical tensions, technological disruptions, and interest rate uncertainty, the focus in the ETF market in 2026 is increasingly turning toward structural growth and long-term themes. In addition to gold, rare earths and defense ETFs are also coming into focus for institutional investors.

How professional fund selectors choose ETFs

Six fund selectors disclosed their ETF favorites in early 2026, demonstrating different approaches. The range extends from core strategies that rely on broad market coverage to satellite-based portfolio approaches with focused thematic investments.

A key insight from the previous year: returns are not created through broad diversification alone, but through market understanding. The ETF ranking serves as a rear-view mirror, not a navigation system – historical performance reflects past developments but provides no reliable guidance for future returns.

Performance differences among the largest ETFs

The return differences between various ETF categories were substantial in 2025. The iShares Core MSCI EM IMI UCITS ETF, which invests in emerging markets, led equity ETF returns. In contrast, the iShares MSCI USA CTB Enhanced ESG UCITS ETF, which filters U.S. stocks according to climate-conscious criteria, performed significantly worse.

This development shows: even within established index families, different selection criteria can lead to significantly divergent results. For investors in the DACH region, this means that the choice of ETF strategy has considerable impact on portfolio performance.

Sustainable ETFs: Different paths to the same goal

A sustainable ETF is an exchange-traded index fund that selects companies based on environmental, social, and governance (ESG) criteria. Due to different assessments of what sustainability means, investors cannot simply search for the greenest ETF.

The leading index providers take a pragmatic middle approach: they broadly diversify investments according to sustainable criteria across companies in various sectors, countries, and currencies. In selecting stocks, the two leading providers proceed differently:

• MSCI (Morgan Stanley Capital International): Combines approximately 400 companies with the highest ESG ranking from 23 industrialized countries in one index
• Dow Jones: Uses a different selection methodology with other weighting criteria

These different approaches explain why two sustainable ETFs can focus on different companies – and thus achieve different returns. Investors should therefore not only pay attention to the ESG label but understand the underlying index methodology.

Structural change shapes ETF trends in 2026

The strategy shift from short-term market reactions toward long-term structural growth is reflected in ETF product selection. Themes such as energy transition, resource security, and technological infrastructure are gaining importance.

Professional investors are increasingly combining broad core positions with thematic satellite investments. This strategy allows them to benefit from baseline market returns while setting targeted accents in structural growth themes. The performance of gold ETFs in February exemplifies how focused thematic investments can generate significant excess returns during certain market phases.

For private investors in the German-speaking region, this means: a well-considered ETF strategy takes into account both the long-term wealth structure and current market developments – without falling into short-term timing.