Best ETFs on GPW — comparison of available funds in 2026

ETFs on GPW — what's available?

More and more ETFs are listed on the Warsaw Stock Exchange. Additionally, Polish brokers (XTB, mBank, Bossa) provide access to ETFs listed on foreign exchanges (Xetra, LSE, Euronext). In this guide, we cover both sources.

Quick Answer

GPW lists Beta ETFs you buy directly in PLN — including Beta ETF WIG20 (TER 0.45%), mWIG40 (0.80%), S&P 500 (0.45%), DAX (0.45%) and TBSP bonds (0.20%). For lower costs, Polish brokers also give access to foreign ETFs like Vanguard FTSE All-World (VWCE, 0.22% TER) or iShares Core S&P 500 (SXR8, 0.07% TER) on Xetra, LSE and Euronext. GPW ETFs win on convenience (no currency conversion, simple tax); foreign ETFs win on selection and cost.

ETFs listed directly on GPW

Advantage of GPW ETFs: Buy in PLN, no currency conversion, easy tax settlement.

Disadvantage: Limited selection and higher TER compared to foreign counterparts.

Popular foreign ETFs available through Polish brokers

Global (whole world)

VWCE is one of the most commonly recommended ETFs — it gives exposure to over 3,700 companies from around the world in one instrument.

USA (S&P 500)

The cheapest ETFs in the comparison. Exposure to 500 largest US companies.

Europe

Bonds

How to choose an ETF?

1. Define your goal

• Long-term growth → global equity ETF (VWCE)
• US exposure → S&P 500 (SXR8, VUAA)
• Stability → bond ETF
• Poland → Beta ETF WIG20

2. Check TER

TER (Total Expense Ratio) is the annual management fee. A difference of 0.1% seems small, but over 30 years and a large portfolio, it's thousands of złoty.

3. Accumulating vs distributing

• Accumulating (ACC) — dividends reinvested automatically. Better tax-wise (no dividend tax until sale)
• Distributing (DIST) — dividends paid to account. Provides regular income but subject to tax

For most Polish investors: choose accumulating variants.

4. Fund size

Larger fund = higher liquidity and lower closure risk. Look for ETFs with assets above 500 million EUR.

5. Currency

EUR ETFs require currency conversion. If you want to avoid this, consider GPW ETFs (in PLN) — but remember about higher TER.

Sample ETF portfolios

Simple (1 ETF)

• 100% VWCE — whole world in one instrument

Balanced (2 ETFs)

• 80% VWCE (global equities) + 20% IEGA (EUR bonds)

Advanced (3+ ETFs)

• 60% SXR8 (S&P 500) + 20% IMAE (Europe) + 10% ETFW20L (Poland) + 10% ETFTBSP (Polish bonds)

How Freenance can help?

Freenance tracks the value of your ETFs in real time. You see portfolio allocation, returns of individual positions, and how your portfolio performs against benchmarks. This way you know when it's time for rebalancing.

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FAQ

Which Beta ETF on GPW has the lowest TER?

Among the Beta ETFs listed directly on GPW, Beta ETF TBSP (tracking Polish treasury bonds) has the lowest TER at around 0.20%. Equity-focused Beta ETFs such as ETFW20L, ETFSP500 and ETFDAX sit at roughly 0.45%, while Beta ETF mWIG40 (mid-caps) is higher at about 0.80%. Always confirm the current TER on the official fund factsheet before investing — fees can be revised over time.

Is Beta ETF mWIG40TR a good way to invest in Polish mid-caps?

Beta ETF mWIG40TR gives one-instrument exposure to 40 mid-cap companies listed on GPW, which historically have shown higher growth and higher volatility than WIG20 blue chips. It can be a way to add a Polish mid-cap tilt to a portfolio without picking individual stocks, but TER is meaningfully higher than for global ETFs. This is general information, not investment advice — your decision should reflect your goals, horizon and risk tolerance.

What is the difference between an accumulating and distributing ETF on GPW?

Accumulating (ACC) ETFs automatically reinvest dividends inside the fund, so investors hold a single position whose price reflects reinvested income. Distributing (DIST) ETFs pay dividends out to the brokerage account, which usually triggers a 19% Polish dividend tax at the time of distribution. For long-term investors with a buy-and-hold approach, ACC versions are often simpler from a tax standpoint, but the right choice depends on your situation.

Can I buy foreign ETFs through a Polish broker?

Yes — Polish brokers such as XTB, mBank Brokers' Bureau and Bossa offer access to ETFs listed on foreign exchanges like Xetra, LSE or Euronext, in addition to ETFs listed on GPW. Commissions, FX spreads and minimum order sizes differ between brokers, so it is worth comparing total cost rather than only the headline TER. Cross-border ETFs may also have specific tax reporting implications worth checking with a tax advisor.

Are ETFs on GPW safe in the event of a broker insolvency?

ETF units bought on GPW are held in a securities account and are legally separated from the broker's own assets, so in the event of broker insolvency they should not form part of the broker's bankruptcy estate. Polish investors are additionally covered by the investor compensation scheme operated by KDPW up to statutory limits. This does not protect you from market losses — the ETF's price can still fall if the underlying index declines.