Polish Equity ETFs in 2026: Updated Analysis

Polish equity exposure is available through a mix of domestic (Warsaw-listed) ETFs and international ETFs listed in Europe and the US. This is an updated edition of our 2025 analysis, refreshed with the ETFs launched on the Warsaw Stock Exchange since mid-2025 and with fee, asset and performance data as of early July 2026.

What changed since the 2025 edition

The domestic ETF market has grown quickly. Beta Securities and AgioFunds TFI expanded the Beta ETF family to 15 funds, and total assets in the Polish-index Beta ETFs alone now exceed PLN 1.5 billion. The most notable launches:

• Beta ETF Dywidenda Plus (ETFBDIVPL) — debuted on the WSE on 18 August 2025. The first Polish dividend ETF, tracking the new WIGdivplus index (companies from WIG20TR, mWIG40TR and sWIG80TR that paid regular dividends with a dividend yield above 2%). Unlike the other Beta equity funds, it distributes income to holders quarterly. Ongoing costs were capped at 0.5% in the first year; from July 2026 the management fee is 0.5% with other costs limited to 0.4%, implying a target TER of 0.5–0.9%. It has already gathered around PLN 204m in assets.
• Beta ETF mWIG40TRlev (ETFBM40LV) and Beta ETF mWIG40TRsht (ETFBM40ST) — leveraged (2x) and inverse daily exposure (short) to Polish mid-caps, listed in late 2025. Both remain very small (a few million PLN each) and are short-term trading tools only.
• Fee cuts on the core funds — Beta ETF operates a sliding fee scale (the more assets, the lower the fee). From 1 July 2026 the management fee on Beta ETF mWIG40TR fell from 0.80% to 0.70% and on Beta ETF WIG20TR from 0.40% to 0.35%.

Poland-focused equity ETFs (single-country)

These track Polish stock indices exclusively:

• iShares MSCI Poland UCITS ETF (Acc) — tracks the MSCI Poland index (large/mid-cap Polish stocks). Ireland-domiciled, accumulating.
• iShares MSCI Poland ETF (EPOL) — US-listed, tracks the broad MSCI Poland IMI 25/50 index.
• Beta ETF WIG20TR (ETFBW20TR) — WSE-listed, tracks the WIG20 Total Return index (20 largest Warsaw stocks, including dividends).
• Beta ETF WIG20TRlev (ETFBW20LV) — WSE-listed, based on the mWIG40 Total Return (40 mid-cap stocks). Uses leverage level of 2 vs reference Index mWIG40TR
• Beta ETF WIG20TRsht (ETFBW20ST) — WSE-listed, based on the mWIG40 Total Return (40 mid-cap stocks). Uses leverage level of -1 vs reference Index mWIG40TR. It allows you to bet on stock market declines.
• Beta ETF mWIG40TR (ETFBM40TR) — WSE-listed, tracks the mWIG40 Total Return (40 mid-cap stocks). Now the largest ETF on the WSE by assets (~PLN 745m).
• Beta ETF mWIG40TRlv (ETFBM40LV) — WSE-listed, based on the mWIG40 Total Return (40 mid-cap stocks). Uses leverage level of 2 vs reference Index mWIG40TR
• Beta ETF mWIG40TRsh (ETFBM40ST) — WSE-listed, based on the mWIG40 Total Return (40 mid-cap stocks). Uses leverage level of -1 vs reference Index mWIG40TR. It allows you to bet on stock market declines.
• Beta ETF sWIG80TR (ETFBS80TR) — WSE-listed, tracks the sWIG80 Total Return (80 small-cap stocks).
• Beta ETF sWIG80TR (ETFBS80TR) — WSE-listed, tracks the sWIG80 Total Return (80 small-cap stocks).
• PZU WIG20TR +mWIG40TR (ETFPZUW20M40) — WSE-listed, fund investing in shares of the 60 largest Polish companies listed on the Warsaw Stock Exchange. The fund benchmark is composed of two total-return indices in a 50% WIG20 TR (large caps) + 50% mWIG40 TR (mid caps) ratio
• Expat Poland WIG20 UCITS ETF — tracks the WIG20 price index. Still listed, but AUM and liquidity remain negligible; Beta ETF WIG20TR is the more viable route to WIG20 exposure.

Regional ETFs including Poland: the Amundi MSCI Eastern Europe ex-Russia UCITS ETF (synthetic, Luxembourg) remains the main broad Eastern Europe fund, with Poland at roughly 70% of the index alongside Hungary, Czechia and others. Its assets have grown to about €579m.

Polish bond and money-market ETFs (for completeness): Beta ETF TBSP (Polish treasury bonds, ~PLN 179m) and Beta ETF Obligacji 6M (ETFBCASH) (short-duration treasury exposure, ~PLN 269m) round out the fixed-income side of the local market.

Most Poland-focused equity ETFs are physically replicated; Amundi's Eastern Europe fund uses swaps (synthetic).

Performance

Polish equities extended their strong run into 2026, and this year mid-caps lead. As of 3 July 2026 (in PLN):

The three-year numbers confirm what long-term holders of Beta ETF mWIG40TR have enjoyed: Polish mid-caps have more than doubled, outpacing the blue chips. Small caps, the 2023–2024 darlings, have clearly cooled off. For a USD investor, EPOL returned about +14.7% year-to-date through early June 2026, on top of a roughly +44% gain in 2025 — currency effects explain part of the gap versus PLN index returns.

Dividends still matter: all the funds discussed either track total-return indices or reinvest dividends, and the new Dywidenda Plus fund is the first to pay them out instead.

Comparison table of top Polish equity ETFs

Key attributes as of mid-2026 (PLN converted to EUR at ~4.25):

Notes: sizes are approximate as of beginning of July 2026. The Expat Poland WIG20 ETF has negligible AUM and liquidity. Beta ETF TBSP (bond, TER ~0.47%, PLN 179m) and Beta ETF Obligacji 6M (TER ~0.38%, PLN 269m) are excluded from this equity-focused table.

Compared with a year ago, the picture has shifted meaningfully. The Beta funds have grown three- to seven-fold: mWIG40TR went from roughly PLN 180m to PLN 745m and is now the largest ETF on the Warsaw exchange, while sWIG80TR grew from about PLN 40m to over PLN 300m despite weak small-cap returns thanks to strong structural inflows from domestic retail investors. Growing assets also feed directly into lower fees through Beta's sliding fee scale, narrowing the cost gap to the international funds.

Liquidity

• EPOL remains the most liquid Polish equity ETF globally, with tens of millions of dollars in daily turnover, tight spreads, and listed options.
• iShares MSCI Poland UCITS has moderate European liquidity (Xetra/LSE); sufficent for retail-size orders with limits.
• The Beta ETFs on the WSE have improved together with their asset growth. WIG20TR and mWIG40TR now trade actively enough for typical retail and even smaller institutional orders (PLN 2 MLN daily turnover), though limit orders are still advisable. The leveraged/inverse funds and the new mWIG40 lev/short pairs have low trading volumes.
• The new PZU WIG20TR + mWIG40TR had PLN 720'000 trading volume in last 30 trading days preceeding writing this post.
• The Expat WIG20 ETF is still effectively untradeable on many days.

Tracking

Tracking quality remains good across the board. Over the last 12 months the tracking difference was roughly -0.4% for Beta ETF WIG20TR and around +0.6% for Beta ETF mWIG40TR — better than their headline TERs would suggest, helped by the domestic funds' tax treatment (Polish funds receive domestic dividends gross, avoiding the withholding drag foreign funds face). The synthetic Amundi fund tracks its index nearly perfectly by construction; the iShares funds show their usual small (~0.1–0.3% p.a.) difference beyond TER.

Taxation and accessibility

The fundamentals are unchanged from our 2025 analysis:

• US-domiciled EPOL: Polish withholding is absorbed at fund level; US investors face only US tax on distributions and gains. The go-to fund for US residents (UCITS funds are impractical for them due to PFIC rules).
• Ireland/Luxembourg UCITS (iShares, Amundi): dividends accumulate net of Polish withholding; investors are taxed in their country of residence. Preferred route for most EU and Middle East investors.
• Poland-domiciled Beta ETFs (FIZ structure) These ETFs have a small tax advantage because they receive dividends from Polish companies without dividend withholding tax, helping them track their index more closely. They are not UCITS funds, so they cannot be freely marketed across the EU under the standard UCITS/PRIIPs rules, but they trade on a regulated EU market (WSE/GPW) accessible via brokers such as XTB, mBank, BOŚ, IBKR or Lynx. Note the new Dywidenda Plus fund distributes cash quarterly, so unlike the accumulating Beta funds its payouts are taxable income for Polish investors as received.

Strategic considerations

• Passive long-term investors: iShares MSCI Poland UCITS (EU) or EPOL (US) remain the simplest core holdings. Within Poland, the Beta core funds are increasingly competitive after the July 2026 fee cuts, with the WIG20TR fund's TER (~0.53%) now below both iShares funds.
• Income-oriented investors: Beta ETF Dywidenda Plus is the first ETF vehicle for a Polish dividend strategy — quarterly payouts, screened dividend payers, and a competitive cost cap. It is new, so watch payout consistency (its first quarter after debut saw no distribution as the fund was still building) and secondary-market liquidity.
• Small/mid-cap exposure: Beta ETF mWIG40TR and sWIG80TR are still the only funds targeting those segments. Mid-caps have led the market in 2026; note the mWIG40 fund's heavy banking-sector weight and its sensitivity to rate cuts compressing bank margins.
• Tactical traders: Investors looking to profit from short-term market movements may prefer EPOL because it is highly liquid and has an active options market. Beta's leveraged and inverse WIG20 and mWIG40 ETFs can amplify gains when the market moves in the expected direction or profit from falling prices, but they are designed for short-term trading only. Because they reset their exposure every day and have relatively high fees, they are generally not suitable as long-term investments..
• Risks remain unchanged which sector concentration in banks and energy (except sWIG80TR from BetaETF), state influence in the largest names, PLN currency risk for foreign investors, and regional geopolitics. After three years of exceptional gains (WIG20TR +106%, mWIG40TR +124%), valuations are no longer the bargain they were in 2022.

Conclusion

Poland remains one of the strongest equity markets of the mid-2020s, and the ETF toolkit for accessing it has never been better. EU investors have a solid UCITS core in iShares MSCI Poland; US investors have EPOL; and the domestic Beta ETF family has matured from a niche offering into a PLN 2.5bn+ platform with falling fees, genuine mid/small-cap and dividend strategies, and steadily improving liquidity. As always, mind the concentration and currency risks that come with a single emerging market.

Data as of early July 2026. Sources: atlasetf.com betaetf.pl, GPW, justETF, BlackRock/iShares, Amundi. This material is for informational and educational purposes only and is not an investment recommendation.

Terminology Glossary:

PFIC: Passive Foreign Investment Company rules are a set of U.S. tax rules that primarily affect U.S. citizens, green card holders, and U.S. tax residents

UCITS (Undertakings for Collective Investment in Transferable Securities) is an EU regulatory framework that sets common rules for investment funds. A UCITS ETF must meet standards on diversification, investor protection, transparency, and risk management. Because the same rules apply across the European Union, a UCITS ETF approved in one EU country can generally be offered to investors throughout the EU.

Total Return (TR) means that the index or ETF assumes all dividends are reinvested back into the investment instead of being paid out and ignored.