Exchange-traded funds have become increasingly popular with investors thanks to lower fees and increased transparency when compared with traditional open-end funds.
For investors looking for exposure to the UK’s largest companies, 10 ETFs stand out according to Morningstar’s rating methodology. And seven of these are focused on the FTSE 100, which broke through 10,000 points at the start of the 2026, a new record.
What Are UK Large-Cap Equity Funds?
UK large-cap equity portfolios invest principally in the equities of large-cap UK companies. Equities in the top 70% of the European equity market, including the UK, are defined as large-cap. At least 75% of total assets are invested in equities and at least 75% of equity assets are invested in UK equities.
The 10 Best UK Large-Cap Equity ETFs to Buy in 2026
The screen looks for those ETFs earning a
- HSBC FTSE 100 UCITS ETF HUKX
- Xtrackers FTSE 100 UCITS ETF XDUK
- UBS FTSE 100 UCITS ETF 100GBA
- Invesco FTSE 100 UCITS ETF S100
- Vanguard FTSE 100 UCITS ETF VUKE
- iShares Core FTSE 100 UCITS ETF CSUKX
- State Street SPDR FTSE UK All Share UCITS ETF FTAL
- JPMorgan UK Equity Core Active UCITS ETF JUKC
- UBS MSCI United Kingdom IMI Socially Responsible UCITS ETF UKSR
- Amundi FTSE 100 Swap UCITS ETF L100
Morningstar expects the highly rated UK large-cap equity funds on this list to outperform their peers over a full market cycle. But even though all the funds on our list fall into the same category, they may practice different strategies, and therefore behave differently from each other. Investors need to do some homework to understand exactly what a particular fund invests in before buying.
Here’s a quick look at each of the best UK large-cap equity ETFs. Be sure to review a fund’s complete report for more details.
HSBC FTSE 100 UCITS ETF
- : £748.2 millionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.08
The £748.2 million fund has gained 24.61% over the past year, while the average fund in its category is up 18.84%. The HSBC fund, which launched in August 2009, has climbed 13.92% over the past three years and gained 12.69% over the past five years.
Read Morningstar’s full report on the HSBC FTSE 100 UCITS ETF.
Xtrackers FTSE 100 UCITS ETF
- : £84.7 millionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.09%
The £84.7 million fund has climbed 24.57% over the past year, outperforming the average fund in its category, which rose 18.84%. The Xtrackers fund, which launched in November 2012, has climbed 13.89% over the past three years and gained 12.66% over the past five years.
Read Morningstar’s full report on the Xtrackers FTSE 100 UCITS ETF.
UBS FTSE 100 UCITS ETF
- : £80.5 millionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.2%
The £80.5 million fund has climbed 24.45% over the past year, outperforming the average fund in its category, which rose 18.84%. The UBS fund, which launched in October 2001, has climbed 13.75% over the past three years and gained 12.54% over the past five years.
Read Morningstar’s full report on the UBS FTSE 100 UCITS ETF.
Invesco FTSE 100 UCITS ETF
- : £34.8 millionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.09%
The £34.8 million fund has climbed 24.47% over the past year, outperforming the average fund in its category, which rose 18.84%. The Invesco fund, which launched in March 2009, has climbed 13.81% over the past three years and gained 12.57% over the past five years.
Read Morningstar’s full report on the Invesco FTSE 100 UCITS ETF.
Vanguard FTSE 100 UCITS ETF
- : £6.7 billionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.1%
Over the past year, the Vanguard fund rose 24.61%, while the average fund in its category rose 18.84%. The fund, which launched in May 2012, has climbed 13.91% over the past three years and gained 12.69% over the past five years.
Read Morningstar’s full report on the Vanguard FTSE 100 UCITS ETF.
iShares Core FTSE 100 UCITS ETF
- : £3 billionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.07%
The £3 billion fund has gained 24.58% over the past year, while the average fund in its category is up 18.84%. The iShares fund, which launched in January 2010, has climbed 13.26% over the past three years and gained 12.68% over the past five years.
Read Morningstar’s full report on the iShares VII PLC — iShares Core FTSE 100 UCITS ETF.
The FTSE 100 Index tracks the performance of the 100 largest companies listed on the London Stock Exchange. Representing approximately 85% of the UK’s total market capitalization, it serves as a key benchmark for UK large-cap equities. The index is weighted by free-float-adjusted market cap and reviewed quarterly in March, June, September, and December.
Sectorwise, the index has a notable tilt toward financials, which account for about 25% of the total weight. Consumer staples, industrials, and healthcare each contribute around 10%–15%. While the FTSE 100 shares a similar industry profile with its parent FTSE All-Share Index, it is more concentrated at the top. The ten largest constituents make up roughly 45%–50% of the index’s total weight. Four companies–AstraZeneca, HSBC, Shell, and Unilever–each hold individual weightings above 5%.
As the large-cap segment of the FTSE All-Share Index, the index follows a transparent, rules-based methodology and is a widely used performance benchmark. However, its heavy concentration in the largest companies increases exposure to company-specific risk and can limit performance in periods when mid-cap and small-cap stocks outperform. For these reasons, the index carries a Process rating of Average.
Eugene Gorbatikov, analyst
State Street SPDR FTSE UK All Share UCITS ETF
- : £722.1 millionFund Size
- : SilverMorningstar Medalist Rating
- Ongoing Charge: 0.2%
The £722.1 million fund has gained 23.42% over the past year, while the average fund in its category is up 18.84%. The State Street fund, which launched in February 2012, has climbed 13.04% over the past three years and gained 11.08% over the past five years.
Read Morningstar’s full report on the State Street SPDR FTSE UK All Share UCITS ETF.
SPDR FTSE UK All Share ETF tracks the FTSE All-Share Index, a broad and diversified benchmark that captures approximately 98% of the UK equity market, offering comprehensive and representative exposure to UK-listed stocks. The index allocates around one-fourth of its weight to mid-, small-, and micro-cap stocks, offering more diversified exposure than the well-known but large-cap-heavy FTSE 100 Index. As a result, the FTSE All-Share Index is expected to deliver stronger risk-adjusted returns over the long term. The fund employs an optimized approach to replicate the index.
The FTSE All-Share Index, with its broad exposure, has historically been a difficult benchmark for active managers to outperform. The fund has delivered superior risk-adjusted returns compared with the average peer in the UK large-cap equity Morningstar Category over the trailing three-, five-, and 10-year periods. With mispricing in UK equities currently at relatively low levels, passive strategies are expected to maintain their advantage.
The fund is managed by a large and experienced team that includes portfolio managers, traders, analysts, and strategists, led in EMEA by Julian Harding. The management structure is collaborative, with each fund overseen by both a lead and a secondary manager. Portfolio managers use proprietary software, Cortex, to analyze portfolio risk and tracking error, and an independent investment risk team ensures risk management accuracy. The fund’s operations are further strengthened by State Street Global Advisors’ global trading infrastructure.
Overall, this is the best passive option for investors seeking broad UK equity exposure. Its portfolio is well diversified and captures almost the entire opportunity set, making it a challenging benchmark for active managers to consistently outperform. The fund maintains a minimal level of tracking error, and Morningstar has a positive view of the experienced portfolio management team. Additionally, the fund benefits from the compounding effect of low fees across most of its share classes.
Eugene Gorbatikov, analyst
JPMorgan UK Equity Core Active UCITS ETF
- : £465.6 millionFund Size
- : GoldMorningstar Medalist Rating
- Ongoing Charge: 0.25%
The JPMorgan UK Equity Core Active UCITS ETF is led by a management team with an Above Average People rating from Morningstar and an average tenure of more than three years. JPMorgan earns a Parent rating of Above Average.
The £465.6 million fund has gained 25.56% over the past year, while the average fund in its category is up 18.84%. The JPMorgan fund, which launched in June 2022, has gained 13.94% over the past three years.
Read Morningstar’s full report on the JPMorgan ETFs (Ireland) ICAV—UK Equity Core Active UCITS ETF.
JPM UK Core equity provides low-cost, low active share exposure to UK equities. The approach is well-defined and effectively combines JPM’s robust quantitative capabilities with a human overlay. We upgrade it to Above Average from Average, recognizing its consistent ability to deliver on its mandate and outperform active competitors over multiple time periods, even if substantial outperformance relative to the index remains unlikely. The People score is maintained at Above Average.
The strategy employs an index-plus approach, aiming to outperform its benchmark by targeting stocks with superior value, quality, and momentum characteristics. The managers implement their convictions through modest over- and underweights, ensuring risk remains contained. Stock selection is driven by a blend of quantitative screening and fundamental analysis. The quantitative tools allow the team to efficiently scan the market to identify candidates that meet their criteria, enabling objective and repeatable decision-making. This is complemented by bottom-up research.
The portfolio will typically be invested across 150 to 250 stocks with a forecast tracking error of around 1% per year and an anticipated active share of around 20% to 30%. The fund can be plus/minus 1% in both stock and sector active holdings; however, in practice, it’s around 30-50 basis points. This is due to 30 basis points being enough to meet the risk budget of the fund, which is a tracking error of around 1% relative to the FTSE All-Share on a time-adjusted basis.
As noted in our previous review, long-standing manager James Illsley’s retirement in the spring was well anticipated. The team was prepared for a smooth transition, with three complementary managers, Callum Abbot, Richard Morillot, and Chris Llewelyn, now running the strategy. They are further supported by one of the largest and most experienced analyst groups in the peer set, drawn from J.P. Morgan’s international-equity platform. This collegial structure fosters open discussion and sharing of stock ideas.
The strategy’s low tracking error and benchmark-aware construction result in performance that closely mirrors the market, with an expected beta near 1. However, the portfolio is designed to outperform its benchmark over most market cycles, driven by disciplined stock selection and targeted exposure to value, quality, and momentum factors. Over the past 10 years through Oct. 31, 2025, annualized returns for the E Acc Share class were 8.19.% versus 8.02% and 7.05% for the FTSE All-Share and UK large-cap equity Morningstar Category average, respectively.
Henry Ince, analyst
UBS MSCI United Kingdom IMI Socially Responsible UCITS ETF
- : £825.8 millionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.2%
The £825.8 million fund has gained 13.68% over the past year, while the average fund in its category is up 18.84%. The UBS fund, which launched in October 2014, has climbed 9.72% over the past three years and gained 6.63% over the past five years.
Read Morningstar’s full report on the UBS MSCI United Kingdom IMI Socially Responsible UCITS ETF.
UBS MSCI United Kingdom IMI SRI provides investors with a practical way to access UK equities while emphasizing environmental, social, and governance principles, including a focus on reducing carbon emissions. However, the relatively strong ESG credentials also result in significant bets against the broader market, which reduces our confidence in the merits of the strategy and underpins a Process Pillar rating of Average.
The fund tracks the MSCI UK IMI Extended SRI Low Carbon Select 5% Issuer Capped Index, an ESG-focused index of approximately 150 companies derived from the broader MSCI UK IMI Index.
The fund invests only in companies ranked in the top 50% for ESG scores within their sectors, as assessed by MSCI ESG Research, and excludes or underweights companies with high carbon emissions. Further, it excludes controversial industries such as weapons, tobacco, alcohol, or gambling. Finally, it excludes companies involved in thermal coal distribution or generating a significant portion of their revenue from oil or gas activities. This disciplined ESG approach is reflected in the fund’s 5-globe Morningstar ESG Risk Rating.
The fund’s ESG focus shapes its risk and return profile, resulting in greater volatility compared with the broader market indexes. Its historical performance has experienced both highs and lows. In 2019-20, it ranked in the top quartile, but in 2022, it fell to the lower end of its peer group, reflecting a challenging market environment and its underweight exposure to the surging energy sector. The fund rebounded in 2024 and maintained strong momentum into 2025, driven largely by gains in the financial sector.
UBS Asset Management has built a strong reputation in passive investing. The team’s extensive experience, proven stability, and disciplined, globally consistent investment strategy make it a strong choice for investors. The fund is among the cheapest ESG propositions in the category, making it an appealing option for investors seeking global equity exposure with a strong ESG focus.
Eugene Gorbatikov, analyst
Amundi FTSE 100 Swap UCITS ETF
- : £726 millionFund Size
- : BronzeMorningstar Medalist Rating
- Ongoing Charge: 0.14%
The fund’s management earns an Above Average rating from Morningstar. Parent company Amundi earns a rating of Average.
The £726 million fund has gained 24.73% over the past year, while the average fund in its category is up 18.84%. The Amundi fund, which launched in November 2017, has climbed 13.92% over the past three years and gained 12.64% over the past five years.
Amundi FTSE 100 UCITS ETF tracks the FTSE 100 Index, a benchmark comprising the UK’s 100 largest companies and representing approximately 85% of the UK equity market. The fund uses synthetic replication to mirror the index’s performance.
Amundi’s portfolio management team is experienced and stable, with each fund overseen by both a lead and a backup manager to mitigate departure risk. The team is supported by specialized risk management, reporting, and client service groups, while the proprietary ALTO platform enhances collaboration, optimizes investment processes, and helps reduce turnover and tracking error to achieve efficient index replication.
Overall, we acknowledge the advantages of a passive approach to the UK equity market. Given its meaningful cost advantage, Amundi FTSE 100 UCITS ETF can deliver above-average returns over the long term. The fund maintains a minimal level of tracking error, and Morningstar has a positive view of the experienced portfolio management team. Additionally, the fund benefits from the compounding effect of low fees across most of its share classes. However, the index’s emphasis on large- and mega-cap companies may limit its return potential during periods when smaller-cap stocks lead the market.
Eugene Gorbatikov, analyst
Read Morningstar’s full report on the Amundi FTSE 100 Swap UCITS ETF.
