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Golden butterfly (5 × 20%)
Compare with up to four others in one currency →
Five equal parts: global equity, global small-cap value, long-dated government bonds, short-term government bonds / cash-like ETFs and gold.
Specialty portfolio. Its tilts add concentration and deviate from the global market. It can trail a broad market-cap-weighted portfolio for long periods. Core vs specialty.
This model portfolio is published for everyone. It is an example allocation, not a recommendation, and it has not been assessed against your circumstances. Compare it with the other model portfolios.
Target weights
- 20% All-world equity
- 20% Small-cap value
- 20% Long govt bonds
- 20% Govt / short-term
- 20% Gold
Returns over a period you choose
Set the same months and currency as your bank or broker statement to compare like with like. Month-end data; last month-end Sep 2026.
Loading the monthly return series…
The variant is the base currency the fund set is built for (bonds hedged to that currency where a hedged class exists; it is the same switch as “Base currency” further down). Show returns in only changes the currency the result is measured in, for example a USD-variant portfolio seen by a CHF investor.
Cumulative return (USD)–
Annualised (CAGR)–
Volatility–
Max drawdown–
Growth of 10,000–
Best / worst month–
Calendar-year returns in the period (partial years marked with their number of months)
Simulated past performance. These figures are back-tested from month-end prices of proxy ETFs (listed below), not the record of a real account, and past performance is no guarantee of future results. They include each proxy ETF's ongoing charges (already in its price) and reinvested distributions, and assume monthly rebalancing to the target weights. They are before trading costs, bid-ask spreads, platform, custody or advisory fees, FX conversion costs and your taxes. Currency conversion uses Yahoo Finance month-end FX rates. Returns are time-weighted, for a single amount invested at the start; a bank statement that includes deposits or withdrawals may show a money-weighted return, which can differ. The first month with a return for this portfolio is Mar 2019 (USD, SGD variants), Mar 2015 (EUR, GBP variants), Nov 2017 (CHF variant). How periods and currency conversion work. Information only, not advice.
Historical risk statistics
Derived at build time from month-end prices of proxy ETFs (listed below), converted to each base currency, rebalanced monthly. CAGR = compound annual growth rate. Volatility = annualised standard deviation of monthly returns. Max drawdown = largest peak-to-trough fall in month-end value. These are historical facts about proxies, not forecasts, and they exclude trading costs and taxes.
| Base | Window (longest common) | CAGR | Volatility | Max drawdown | Worst calendar year | Best calendar year | Common window* |
|---|---|---|---|---|---|---|---|
| USD | 2019-03 – 2026-09 7.6 yrs · trough 2022-09 | 9.0% | 9.6% | -15.9% | -11.9% (2022) | 21.3% | 2019-03 → CAGR 9.0%, vol 9.6%, MDD -15.9% |
| EUR | 2015-03 – 2026-09 11.6 yrs · trough 2020-03 | 6.3% | 8.3% | -11.8% | -10.6% (2022) | 18.7% | 2017-12 → CAGR 7.5%, vol 8.5%, MDD -11.8% |
| GBP | 2015-03 – 2026-09 11.6 yrs · trough 2023-05 | 7.3% | 8.0% | -10.0% | -9.7% (2022) | 26.8% | 2017-12 → CAGR 7.0%, vol 7.9%, MDD -10.0% |
| SGD | 2019-03 – 2026-09 7.6 yrs · trough 2022-12 | 8.2% | 7.3% | -12.4% | -12.4% (2022) | 14.6% | 2019-03 → CAGR 8.2%, vol 7.3%, MDD -12.4% |
| CHF | 2017-11 – 2026-09 8.9 yrs · trough 2023-10 | 5.6% | 8.3% | -13.0% | -12.0% (2022) | 15.1% | 2018-05 → CAGR 5.8%, vol 8.4%, MDD -13.0% |
*Common window = the period over which every core (non-multi-asset) portfolio has data in that base currency (USD from 2019-03, EUR from 2017-12, GBP from 2017-12, SGD from 2019-03, CHF from 2018-05). Use it for like-for-like comparison. A specialty portfolio whose proxies start later shows its own (later) start date here. Data: Yahoo Finance daily adjusted close prices via the open-source yfinance library, downloaded at build time. Only derived statistics are published. Last month-end used: 2026-09-30.
Proxy / currency notes:
- USD: Small-cap value uses a US-only small-cap value proxy: the global fund in our list (Avantis, 2024) has too little history.
- EUR: Proxy fund outside the curated list.
- EUR: Small-cap value uses a US-only small-cap value proxy: the global fund in our list (Avantis, 2024) has too little history.
- GBP: Proxy fund outside the curated list.
- GBP: Small-cap value uses a US-only small-cap value proxy: the global fund in our list (Avantis, 2024) has too little history.
- SGD: No SGD long-dated government bond UCITS ETF in our list: SGD figures use US Treasuries 20+yr, so they include USD/SGD currency moves.
- SGD: No SGD short-term UCITS ETF in our list: SGD figures use a USD T-bill ETF, so they include USD/SGD currency moves.
- SGD: Small-cap value uses a US-only small-cap value proxy: the global fund in our list (Avantis, 2024) has too little history.
- CHF: Proxy fund outside the curated list.
- CHF: Small-cap value uses a US-only small-cap value proxy: the global fund in our list (Avantis, 2024) has too little history.
Proxies used for the statistics
| Building block | USD | EUR | GBP | SGD | CHF |
|---|---|---|---|---|---|
| All-world equity | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L | iShares MSCI ACWI UCITS ETF (USD, LSE) ISAC.L |
| Small-cap value | Proxy: SPDR MSCI USA Small Cap Value Weighted UCITS ETF (EUR, Xetra; US only, not in the fund list) ZPRV.DE | Proxy: SPDR MSCI USA Small Cap Value Weighted UCITS ETF (EUR, Xetra; US only, not in the fund list) ZPRV.DE | Proxy: SPDR MSCI USA Small Cap Value Weighted UCITS ETF (EUR, Xetra; US only, not in the fund list) ZPRV.DE | Proxy: SPDR MSCI USA Small Cap Value Weighted UCITS ETF (EUR, Xetra; US only, not in the fund list) ZPRV.DE | Proxy: SPDR MSCI USA Small Cap Value Weighted UCITS ETF (EUR, Xetra; US only, not in the fund list) ZPRV.DE |
| Long govt bonds | iShares $ Treasury Bond 20+yr UCITS ETF (USD, LSE), income reinvested IDTL.L | iShares EUR Govt Bond 15-30yr UCITS ETF (EUR, Euronext Amsterdam), income reinvested IBGL.AS | SPDR Bloomberg 15+ Year Gilt UCITS ETF (GBP, LSE), income reinvested GLTL.L | iShares $ Treasury Bond 20+yr UCITS ETF, converted to SGD IDTL.L | iShares $ Treasury Bond 20+yr UCITS ETF CHF Hedged (SIX), income reinvested DTLC.SW |
| Govt / short-term | iShares $ Treasury Bond 0-1yr (LSE) IB01.L | Proxy: iShares Euro Government Bond 1-3yr UCITS ETF (not in the fund list) IBGS.AS | Proxy: iShares UK Gilts 0-5yr UCITS ETF (not in the fund list) IGLS.L | iShares $ Treasury Bond 0-1yr, converted to SGD IB01.L | Proxy: iShares Swiss Domestic Government Bond 0-3 UCITS ETF (not in the fund list) CSBGC3.SW |
| Gold | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L | iShares Physical Gold ETC (USD, LSE) IGLN.L |
ETF options for each building block
The base currency changes the statistics and which exchange line is shown first (for example SIX in CHF, Xetra in EUR, London in GBP or USD). It does not change the fund: every line of an ETF is the same fund. ETFs with no line trading in your base currency are still listed, marked, and placed after those that have one. Base, fund and trading currency explained.
For each slot we list every ETF in our curated list that matches your filters. The order is neutral: lowest TER first, then larger fund size, then longer track record. Being listed first is not a recommendation. Check the issuer documents (KID, prospectus) and your broker's availability before acting.
20% · Global all-world equity
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Amundi Prime All Country World UCITS ETF DistIE0009HF1MK9 · Amundi · Ireland | 0.07% | DistributingPhysical | USD 9.0bnas of 2026-09-30 | 2024-02 | WEBG (SIX, USD)WEBJ (Xetra, USD) · WEBG (SIX, CHF) · WEBG (Xetra, EUR) · WEBK (Xetra, GBP) · PACW (LSE, GBP) | |
| Amundi Prime All Country World UCITS ETF AccIE0003XJA0J9 · Amundi · Ireland | 0.07% | AccumulatingPhysical | USD 9.0bnas of 2026-09-30 | 2024-06 | WEBQ (Xetra, USD)WEBN (Xetra, EUR) · WEBN (Borsa Italiana, EUR) | |
| Xtrackers FTSE All-World UCITS ETF 1CIE000L6ZMMC4 · Xtrackers (DWS) · Ireland | 0.07% | AccumulatingPhysical (sampled) | GBP 134mas of 2026-10-20 | 2026-04 | ALLW (LSE, USD)XALL (SIX, CHF) · ALLW (Xetra, EUR) · ALLG (LSE, GBP) · ALLW (Borsa Italiana, EUR) | |
| Vanguard FTSE All-World UCITS ETF (USD) DistributingIE00B3RBWM25 · Vanguard · Ireland | 0.14% | DistributingPhysical | USD 87.3bnas of 2026-10-21 | 2012-05 | VWRD (LSE, USD)VWRL (SIX, CHF) · VGWL (Xetra, EUR) · VWRL (LSE, GBP) · VWRL (Borsa Italiana, EUR) · VWRL (Euronext AMS, EUR) · VWRL (Euronext Paris, EUR) | |
| Vanguard FTSE All-World UCITS ETF (USD) AccumulatingIE00BK5BQT80 · Vanguard · Ireland | 0.14% | AccumulatingPhysical | USD 87.3bnas of 2026-10-21 | 2019-07 | VWRA (LSE, USD)VWRA (SIX, CHF) · VWCE (Xetra, EUR) · VWRP (LSE, GBP) · VWCE (Borsa Italiana, EUR) · VWCE (Euronext AMS, EUR) | |
| Invesco FTSE All-World UCITS ETF AccIE000716YHJ7 · Invesco · IrelandInvesco blocks automated downloads; TER/size read from Invesco factsheet via search index, SIX/Xetra/LSE listings from the exchanges, other listings from Bogleheads list. Inception date not verified. | 0.15% | AccumulatingPhysical | USD 5.2bnas of 2026-09-30 | n/a | FWRA (LSE, USD)FWRA (SIX, CHF) · FWIA (Xetra, EUR) · FWRG (LSE, GBP, quoted in pence) · FWRA (Borsa Italiana, EUR) | |
| SPDR MSCI ACWI IMI UCITS ETF (Acc)IE00B3YLTY66 · SPDR (State Street) · IrelandIncludes small caps (IMI index). | 0.17% | AccumulatingPhysical (optimised) | USD 9.2bnas of 2026-09-30 | 2011-05 | IMID (LSE, USD)IMID (SIX, USD) · SPYI (Xetra, EUR) · IMIE (Borsa Italiana, EUR) · IMIE (Euronext Paris, EUR) | |
| iShares MSCI All Country World UCITS ETF (Acc)IE00B6R52259 · iShares · Ireland | 0.20% | AccumulatingPhysical (optimised) | USD 36.7bnas of 2026-10-19 | 2011-10 | ISAC (LSE, USD)SSAC (SIX, USD) · SSAC (SIX, CHF) · IUSQ (Xetra, EUR) · SSAC (LSE, GBP, quoted in pence) · ISAC (Borsa Italiana, EUR) · SSAC (Euronext AMS, EUR) | |
| UBS MSCI ACWI SF UCITS ETF USD accIE00BYM11H29 · UBS · Ireland | 0.21% | AccumulatingSynthetic (swap) | USD 12.3bnas of 2026-09-30 | 2018-11 | ACWIA (SIX, USD)ACWIA (Borsa Italiana, EUR) | |
| Vanguard ESG Global All Cap UCITS ETF (USD) AccumulatingIE00BNG8L278 · Vanguard · Ireland | 0.24% | Accumulating ESGPhysical | USD 1.9bnas of 2026-10-21 | 2021-03 | V3AA (LSE, USD)V3AA (SIX, CHF) · V3AA (Xetra, EUR) · V3AB (LSE, GBP) · V3AA (Borsa Italiana, EUR) · V3AA (Euronext AMS, EUR) · V3AA (Euronext Paris, EUR) | |
| Vanguard ESG Global All Cap UCITS ETF (USD) DistributingIE00BNG8L385 · Vanguard · Ireland | 0.24% | Distributing ESGPhysical | USD 1.9bnas of 2026-10-21 | 2021-03 | V3AL (LSE, USD)V3AL (SIX, CHF) · V3AL (Xetra, EUR) · V3AM (LSE, GBP) · V3AL (Borsa Italiana, EUR) · V3AL (Euronext AMS, EUR) · V3AL (Euronext Paris, EUR) | |
| Xtrackers MSCI AC World Screened UCITS ETF 1CIE00BGHQ0G80 · Xtrackers (DWS) · IrelandScreened (ESG exclusions) version of MSCI ACWI. | 0.25% | Accumulating ESGPhysical (sampled) | GBP 5.5bnas of 2026-10-20 | 2014-02 | XMAW (SIX, USD)XMAW (Xetra, EUR) · XMAW (LSE, GBP, quoted in pence) · XMAW (Borsa Italiana, EUR) | |
| Invesco FTSE All-World UCITS ETF CHF PfHdg AccIE000SHR0UX9 · Invesco · IrelandPortfolio-hedged to CHF: hedges non-CHF developed-market currencies and may hedge some emerging-market currencies (per factsheet). | 0.20% | Accumulating CHF-hedgedPhysical | CHF 4.3bnas of 2026-09-30 | 2024-02 | FWCA (SIX, CHF) no USD listing, trades in CHF on SIX | |
| UBS MSCI ACWI SF UCITS ETF hEUR accIE00BYM11K57 · UBS · IrelandHedging applies to developed-market currencies (per factsheet index description). | 0.21% | Accumulating EUR-hedgedSynthetic (swap) | EUR 10.8bnas of 2026-06-30 | 2015-08 | ACWIE (SIX, EUR) no USD listing, trades in EUR on SIXACWIE (Borsa Italiana, EUR) | |
| Amundi MSCI All Country World Swap UCITS ETF EUR AccLU1829220216 · Amundi · LuxembourgSwap-based MSCI ACWI. Added for Wiener Börse coverage. TER 0.45%, above the physical all-world ETFs in this list. | 0.45% | AccumulatingSynthetic (swap) | EUR 2.6bnas of 2026-09-30 | 2018-11 | LYY0 (Xetra, EUR) no USD listing, trades in EUR on XetraACWI (Borsa Italiana, EUR) · ACWI (Euronext Paris, EUR) |
20% · Global small-cap value equity
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Avantis Global Small Cap Value UCITS ETF USD AccIE0003R87OG3 · Avantis (American Century) · IrelandActively managed (systematic value/profitability tilt); not an index tracker. | 0.39% | AccumulatingActive (physical) | USD 1.7bnas of 2026-09-30 | 2024-09 | AVGS (LSE, USD)AVWS (Xetra, EUR) · AVSG (LSE, GBP) |
20% · Long-dated government bonds (15+ years)
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| iShares $ Treasury Bond 20+yr UCITS ETF USD (Dist)IE00BSKRJZ44 · iShares · Ireland | 0.07% | DistributingPhysical (sampled) | USD 1.0bnshare class, as of 2026-10-23 | 2015-01 | IDTL (LSE, USD)IDTL (SIX, USD) · IS04 (Xetra, EUR) · IBTL (LSE, GBP) | |
| Amundi Euro Government Bond 25+Y UCITS ETF AccLU1686832194 · Amundi · Luxembourg | 0.07% | AccumulatingPhysical | EUR 280mshare class, as of 2026-09-30 | 2024-02 | MTH (Euronext Paris, EUR) no USD listing, trades in EUR on Euronext Paris | |
| iShares $ Treasury Bond 20+yr UCITS ETF EUR Hedged (Dist)IE00BD8PGZ49 · iShares · Ireland | 0.10% | Distributing EUR-hedgedPhysical (sampled) | EUR 1.0bnshare class, as of 2026-10-23 | 2017-09 | DTLE (LSE, EUR) no USD listing, trades in EUR on LSEDTLE (SIX, EUR) · IUSV (Xetra, EUR) | |
| iShares $ Treasury Bond 20+yr UCITS ETF GBP Hedged (Dist)IE00BK5MT033 · iShares · Ireland | 0.10% | Distributing GBP-hedgedPhysical (sampled) | GBP 451mshare class, as of 2026-10-23 | 2019-11 | IDTG (LSE, GBP) no USD listing, trades in GBP on LSE | |
| iShares $ Treasury Bond 20+yr UCITS ETF CHF Hedged (Dist)IE00BD8PH067 · iShares · Ireland | 0.10% | Distributing CHF-hedgedPhysical | CHF 233mshare class, as of 2026-10-23 | 2017-10 | DTLC (SIX, CHF) no USD listing, trades in CHF on SIX | |
| iShares $ Treasury Bond 20+yr UCITS ETF GBP Hedged (Acc)IE0006NB6WZ4 · iShares · Ireland | 0.10% | Accumulating GBP-hedgedPhysical (sampled) | GBP 82mshare class, as of 2026-10-23 | 2024-03 | IDGA (LSE, GBP) no USD listing, trades in GBP on LSE | |
| iShares $ Treasury Bond 20+yr UCITS ETF EUR Hedged (Acc)IE000T8E6SX8 · iShares · Ireland | 0.10% | Accumulating EUR-hedgedPhysical (sampled) | EUR 36mshare class, as of 2026-10-23 | 2026-03 | DTEH (Euronext AMS, EUR) no USD listing, trades in EUR on Euronext AMS | |
| iShares € Govt Bond 15-30yr UCITS ETFIE00B1FZS913 · iShares · Ireland | 0.15% | DistributingPhysical (sampled) | EUR 891mshare class, as of 2026-10-23 | 2006-12 | IBGL (LSE, GBP) no USD listing, trades in GBP on LSEIBCL (Xetra, EUR) · IBGL (Borsa Italiana, EUR) · IBGL (Euronext AMS, EUR) | |
| SPDR Bloomberg 15+ Year Gilt UCITS ETFIE00B6YX5L24 · SPDR (State Street) · Ireland | 0.15% | DistributingPhysical | GBP 256mas of 2026-09-30 | 2012-05 | GLTL (LSE, GBP) no USD listing, trades in GBP on LSESYBL (Xetra, EUR) | |
| Xtrackers II Eurozone Government Bond 15-30 UCITS ETF 1CLU0290357507 · Xtrackers (DWS) · Luxembourg | 0.15% | AccumulatingPhysical | GBP 44mas of 2026-10-23 | 2007-06 | DBXF (Xetra, EUR) no USD listing, trades in EUR on XetraX15E (Borsa Italiana, EUR) |
20% · Government bonds & short-term / cash-like
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| Vanguard USD Treasury Bond UCITS ETF (USD) DistributingIE00BZ163M45 · Vanguard · Ireland | 0.05% | DistributingPhysical | USD 3.0bnas of 2026-10-21 | 2016-02 | VDTY (LSE, USD)VUTY (SIX, CHF) · VGTY (Xetra, EUR) · VUTY (LSE, GBP) · VUTY (Borsa Italiana, EUR) · VUTY (Euronext AMS, EUR) · VUTY (Euronext Paris, EUR) | |
| Vanguard USD Treasury Bond UCITS ETF (USD) AccumulatingIE00BGYWFS63 · Vanguard · Ireland | 0.05% | AccumulatingPhysical | USD 3.0bnas of 2026-10-21 | 2019-02 | VDTA (LSE, USD)VUTA (SIX, CHF) · VAGT (Xetra, EUR) · VUTA (LSE, GBP) · VDTA (Borsa Italiana, EUR) | |
| Amundi US Treasury Bond 0-1Y UCITS ETF AccLU2182388665 · Amundi · Luxembourg | 0.05% | AccumulatingPhysical | USD 1.7bnas of 2026-09-30 | 2020-07 | PR1T (LSE, USD)PR1T (Xetra, EUR) | |
| SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc)IE00BJXRT698 · SPDR (State Street) · Ireland | 0.05% | AccumulatingPhysical (stratified sampling) | USD 916mas of 2026-09-30 | 2019-07 | TBIL (SIX, USD)ZPR1 (Xetra, USD) | |
| iShares $ Treasury Bond 0-1yr UCITS ETF (Acc)IE00BGSF1X88 · iShares · Ireland | 0.07% | AccumulatingPhysical (sampled) | USD 28.0bnas of 2026-10-19 | 2019-02 | IB01 (LSE, USD)IB01 (SIX, USD) | |
| Amundi Prime Euro Government Bond 0-1Y UCITS ETF AccLU2233156582 · Amundi · Luxembourg | 0.05% | AccumulatingPhysical | EUR 771mas of 2026-09-30 | 2020-10 | PRAB (Xetra, EUR) no USD listing, trades in EUR on Xetra | |
| Vanguard U.K. Gilt UCITS ETF (GBP) DistributingIE00B42WWV65 · Vanguard · Ireland | 0.05% | DistributingPhysical | GBP 610mas of 2026-09-30 | 2012-05 | VGOV (LSE, GBP) no USD listing, trades in GBP on LSEVGOV (Xetra, EUR) | |
| Vanguard U.K. Gilt UCITS ETF (GBP) AccumulatingIE00BH04GW44 · Vanguard · Ireland | 0.05% | AccumulatingPhysical | GBP 175mshare class, as of 2026-09-30 | 2019-02 | VGVA (LSE, GBP) no USD listing, trades in GBP on LSEVX6F (Xetra, EUR) | |
| Amundi Prime Global Government Bond UCITS ETF AccLU2089238971 · Amundi · LuxembourgGlobal government bonds, all maturities (not short-term). | 0.05% | AccumulatingPhysical | EUR 190mas of 2026-09-30 | 2019-02 | PRAG (Xetra, EUR) no USD listing, trades in EUR on Xetra | |
| HSBC US Treasury Bond UCITS ETF (Acc)IE000D2UDLG6 · HSBC · IrelandAll maturities (not short-term). | 0.06% | AccumulatingPhysical | USD 1.1bnas of 2026-09-30 | 2025-05 | HUST (LSE, GBP) no USD listing, trades in GBP on LSEHUST (Borsa Italiana, EUR) | |
| HSBC Euro Government Bond UCITS ETF (Acc)IE00066KZ5B5 · HSBC · IrelandAll maturities (not short-term). | 0.06% | AccumulatingPhysical | EUR 499mas of 2026-09-30 | 2025-05 | HEGB (LSE, GBP) no USD listing, trades in GBP on LSEHEGB (Borsa Italiana, EUR) | |
| Vanguard EUR Eurozone Government Bond UCITS ETF (EUR) AccumulatingIE00BH04GL39 · Vanguard · Ireland | 0.07% | AccumulatingPhysical | EUR 5.4bnas of 2026-10-21 | 2019-02 | VETA (LSE, GBP) no USD listing, trades in GBP on LSEVETA (SIX, CHF) · VGEA (Xetra, EUR) · VGEA (Borsa Italiana, EUR) | |
| iShares Core UK Gilts UCITS ETF (Dist)IE00B1FZSB30 · iShares · Ireland | 0.07% | DistributingPhysical (sampled) | GBP 3.4bnshare class, as of 2026-10-23 | 2006-12 | IGLT (LSE, GBP) no USD listing, trades in GBP on LSEIGLT (SIX, GBP) · IGLT (Borsa Italiana, EUR) | |
| iShares UK Gilts 0-5yr UCITS ETF (Dist)IE00B4WXJK79 · iShares · Ireland | 0.07% | DistributingPhysical (sampled) | GBP 2.2bnshare class, as of 2026-10-23 | 2009-04 | IGLS (LSE, GBP) no USD listing, trades in GBP on LSEIGLS (SIX, GBP) | |
| Amundi US Treasury Bond 0-1Y UCITS ETF EUR Hedged AccLU2182388749 · Amundi · Luxembourg | 0.07% | Accumulating EUR-hedgedPhysical | EUR 1.5bnas of 2026-09-30 | 2020-07 | PR1H (Xetra, EUR) no USD listing, trades in EUR on Xetra | |
| Vanguard EUR Cash UCITS ETF EUR AccIE000SOORXS0 · Vanguard · Ireland | 0.07% | AccumulatingPhysical | EUR 561mas of 2026-10-21 | 2025-12 | VCAA (Xetra, EUR) no USD listing, trades in EUR on XetraVCSHA (Borsa Italiana, EUR) · VCSHA (Euronext AMS, EUR) | |
| Xtrackers II EUR Overnight Rate Swap UCITS ETF 1CLU0290358497 · Xtrackers (DWS) · LuxembourgCash-like: tracks the euro short-term rate (€STR) via a swap. | 0.10% | AccumulatingSynthetic (swap) | GBP 20.8bnas of 2026-10-20 | 2007-05 | XEON (SIX, EUR) no USD listing, trades in EUR on SIXXEON (Xetra, EUR) · XEON (Borsa Italiana, EUR) | |
| Xtrackers II Eurozone Government Bond 1-3 UCITS ETF 1CLU0290356871 · Xtrackers (DWS) · Luxembourg | 0.10% | AccumulatingPhysical (sampled) | GBP 3.3bnas of 2026-10-20 | 2007-05 | DBXP (Xetra, EUR) no USD listing, trades in EUR on XetraX13E (Borsa Italiana, EUR) | |
| Vanguard Global Government Bond UCITS ETF CHF Hedged AccumulatingIE000F16FMX1 · Vanguard · Ireland | 0.10% | Accumulating CHF-hedgedPhysical | CHF 165mas of 2026-09-30 | 2025-03 | VGGX (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Amundi Euro Government Bond 1-3Y UCITS ETF AccLU1650487413 · Amundi · Luxembourg | 0.15% | AccumulatingPhysical | EUR 2.3bnas of 2026-09-30 | 2017-11 | LYQ2 (Xetra, EUR) no USD listing, trades in EUR on XetraEM13 (Borsa Italiana, EUR) · MTA (Euronext Paris, EUR) | |
| UBS J.P. Morgan Global Gov ESG Liquid Bond UCITS ETF hCHF accLU1974694397 · UBS · Luxembourg | 0.18% | Accumulating CHF-hedged ESGPhysical (sampled) | CHF 734mas of 2026-09-30 | 2020-01 | ESGGBS (SIX, CHF) no USD listing, trades in CHF on SIX | |
| Xtrackers II Singapore Government Bond UCITS ETF 1CLU0378818560 · Xtrackers (DWS) · Luxembourg | 0.20% | AccumulatingPhysical | GBP 72mas of 2026-10-23 | 2010-05 | KV4 (SGX, SGD) no USD listing, trades in SGD on SGX | |
| Xtrackers II Global Government Bond UCITS ETF 1C EUR HedgedLU0378818131 · Xtrackers (DWS) · LuxembourgGlobal government bonds, all maturities (not short-term). | 0.25% | Accumulating EUR-hedgedPhysical (sampled) | GBP 1.8bnas of 2026-10-20 | 2008-10 | DBZB (Xetra, EUR) no USD listing, trades in EUR on XetraXGSH (Borsa Italiana, EUR) | |
| Xtrackers II Global Government Bond UCITS ETF 4C CHF HedgedLU0641006613 · Xtrackers (DWS) · LuxembourgGlobal government bonds, all maturities (not short-term). | 0.25% | Accumulating CHF-hedgedPhysical (sampled) | GBP 1.8bnas of 2026-10-20 | 2012-01 | X03H (SIX, CHF) no USD listing, trades in CHF on SIX | |
| iShares Global Govt Bond UCITS ETF CHF Hedged (Acc)IE00BMDBMM96 · iShares · Ireland | 0.25% | Accumulating CHF-hedgedPhysical | CHF 38mshare class, as of 2026-10-23 | 2020-11 | IGLC (SIX, CHF) no USD listing, trades in CHF on SIX |
20% · Physical gold (ETC or Swiss gold ETF)
| # | ETF | TER | Type | Fund size | Since | Listings (ticker, exchange, trading currency) – USD line first |
|---|---|---|---|---|---|---|
| iShares Physical Gold ETCIE00B4ND3602 · iShares · IrelandExchange-traded commodity (ETC), not a UCITS fund; backed by physical gold. | 0.12% | ETC, no incomePhysical | USD 38.5bnas of 2026-10-19 | 2011-04 | IGLN (LSE, USD)PPFB (Xetra, EUR) · EGLN (LSE, EUR) · SGLN (LSE, GBP, quoted in pence) · SGLN (Borsa Italiana, EUR) · SLGN (Euronext Paris, EUR) | |
| Invesco Physical Gold ETCIE00B579F325 · Invesco · IrelandExchange-traded commodity (ETC), not a UCITS fund. Data read from Invesco factsheet via search index (automated download blocked). | 0.12% | ETC, no incomePhysical (allocated gold) | USD 29.6bnas of 2026-09-30 | 2009-06 | SGLD (LSE, USD)SGLD (SIX, USD) · SGLD (SIX, CHF) · 8PSG (Xetra, EUR) · SGLP (LSE, GBP, quoted in pence) · SGLD (Borsa Italiana, EUR) · SGLD (Euronext AMS, EUR) | |
| Amundi Physical Gold ETC (C)FR0013416716 · Amundi · IrelandExchange-traded commodity (ETC), not a UCITS fund; backed by physical gold. Issued by Amundi Physical Metals plc (Ireland) under an FR ISIN. | 0.12% | ETC, no incomePhysical | USD 13.0bnas of 2026-09-30 | 2019-05 | GLDD (LSE, USD)GLDA (Xetra, EUR) · GLDA (LSE, GBP, quoted in pence) · GOLD (Borsa Italiana, EUR) · GOLD (Euronext Paris, EUR) | |
| UBS Gold ETF (USD) accCH0106027193 · UBS · SwitzerlandSwiss fund, not UCITSSwiss-domiciled fund (UBS ETF (CH), Swiss fund law), not a UCITS fund. Holds physical gold bars in a Swiss vault. | 0.23% | AccumulatingPhysical | USD 5.9bnas of 2026-09-30 | 2010-01 | AUUSI (SIX, USD)AUUSI (SIX, CHF) | |
| UBS Gold hCHF ETF (CHF) accCH0106027128 · UBS · SwitzerlandSwiss fund, not UCITSSwiss-domiciled fund (UBS ETF (CH), Swiss fund law), not a UCITS fund. Holds physical gold bars in a Swiss vault. | 0.23% | Accumulating CHF-hedgedPhysical | CHF 2.5bnas of 2026-09-30 | 2009-12 | AUCHAH (SIX, CHF) no USD listing, trades in CHF on SIX | |
| UBS Gold hEUR ETF (EUR) accCH0106027144 · UBS · SwitzerlandSwiss fund, not UCITSSwiss-domiciled fund (UBS ETF (CH), Swiss fund law), not a UCITS fund. Holds physical gold bars in a Swiss vault. | 0.23% | Accumulating EUR-hedgedPhysical | EUR 870mas of 2026-09-30 | 2010-01 | AUEUAH (SIX, EUR) no USD listing, trades in EUR on SIX |
Rebalancing
Over time, the actual weights drift away from the targets as markets move. The statistics above assume a return to target weights every month. Many investors rebalance less often (for example once a year, or when a weight drifts by more than about 5 percentage points), or direct new contributions to the underweight fund. Each trade can trigger costs and, in some countries, taxes. Rules vary by country and tax residence; this is general information, not tax advice.