In December, the Morningstar Europe Index rose by 4.13%, with European stocks up by 26.90% and bonds up by 6.81% over the year. In the US, the Market Index rose by 0.15%, but the Core Bond Index fell by 0.10%. Globally, stocks gained 1.25%, and bonds rose by 0.30%.

The top-performing Europe-domiciled stock ETF last year was the iShares Core MSCI EM IMI UCITS ETF, gaining 22.51%, while the bottom performer was the iShares MSCI USA CTB Enhanced ESG UCITS ETF, gaining 7.24%. The iShares Core S&P 500 UCITS ETF fell by 1.45% in December and rose by 9.48% over the year.

Among the largest bond ETFs, the iShares € High Yield Corp Bond gained 10.70% last year, while the iShares $ Treasury Bond 0-1yr lost 2.88%. The iShares $ Treasury Bond 0-1yr UCITS ETF fell by 1.12% in December and lost 2.88% over the year. The iShares Core € Corp Bond UCITS ETF fell by 0.50% in December and rose by 8.82% over the year.

Active ETFs like the JPMorgan Europe Research Enhanced Index Equity Active gained 26.15% last year, while the Pimco US Dollar Short Maturity lost 2.51%. The JPMorgan US Research Enhanced Index Equity Active UCITS ETF fell by 1.21% in December and rose by 8.48% over the year. The Fidelity Emerging Markets Equity Research Enhanced rose by 1.50% in December and 25.09% over the year.

Read more at Morningstar: How the Largest ETFs in the UK Performed in 2025