The 2026 World Cup kicked off on June 11th, and for the next few weeks the world will argue about squads, formations and tactics. It is a useful moment to notice how much building a winning football team has in common with building a well-constructed investment portfolio.
A great manager does not simply pick eleven star strikers. They balance the side, combining defenders who hold firm, a midfield that links play, and attackers who can change a game. A thoughtful investor faces the same puzzle. Combining stability and growth, spreading risk across different positions, and trusting that the strength of the whole team matters more than any single player.
At InterCapital ETF, our regional line-up reflects exactly that philosophy. Our equity ETFs give exposure to Croatia (CROBEX10tr), Slovenia (SBITOP TR) and Romania (BET-TRN), and our newest addition extends the squad with Poland (WIG30TR). Together they form a regional team covering four economies of Central and South-Eastern Europe. Of the four, only Croatia qualified for the 2026 World Cup. The 2018 finalists once again topped their qualifying group. Poland, Romania and Slovenia all fell short this cycle. But missing one tournament says very little about long-term quality, and the same is true in markets.
Our regional squad lines up in a 3-1-4-2 and every one of the eleven is drawn from the four markets our ETFs cover. Romania leads the way with four, as the only country where we run two ETFs. Croatia, Poland and Slovenia each contribute two, and France completes the eleven in goal. Here is the team, from the back.
Goalkeeper | Maignan | IC Euro Money Market UCITS ETF
France’s Mike Maignan is not there to score. He is there so the team does not concede. Our Euro Money Market ETF works the same way: focus on low volatility and liquidity. It invests in overnight deposits, and though it is not tied to one country, French treasury bills sit at its core. Since its inception in October 2023, it has returned roughly 7% to 31 May 2026, an annualised yield of 2.6%, all at a total expense ratio of 0.32%. The goalkeeper that acts as a defensive part of the squad when markets are under pressure.
Defence | Drăgușin, Burcă and Rațiu | IC EUR Romania Govt Bond 5–10yr UCITS ETF
In front of Maignan stands a back line that is entirely Romanian. Radu Drăgușin, the kind of centre-back who makes chaos look manageable. Beside him, Andrei Burcă is the no-frills second centre-back, all timing and clever positioning, but he does more than clear his lines. He wins the ball and plays it out from the back, as good at starting moves as he is at stopping them. And Andrei Rațiu, the full back who defends when he must and attacks whenever he can.
One fund behind all three. Our Romania Govt Bond ETF holds euro-denominated Romanian government bonds maturing in five to ten years. Actively managed and the only bond fund in our range. Romania is also the only market where we run two ETFs, a bond fund and an equity fund covering different parts of the risk spectrum.
Anchor | Zieliński | IC Poland WIG30TR UCITS ETF
In front of the back three sits the anchor, and here Poland enters the side. Piotr Zieliński is a playmaker who screens the defence and starts an attack. Our Poland WIG30TR ETF tracks the thirty largest names on the Warsaw exchange: banks, consumer discretionary and energy. A broad and established base. We meet the second Pole a little further up the pitch.
Midfield | Perišić, Modrić, Hagi and Szymański | IC CROBEX10tr UCITS ETF, IC Romania BET-TRN UCITS ETF and IC Poland WIG30TR UCITS ETF
At the heart of the side, naturally, is the captain. At 40, Luka Modrić still dictates every game he plays, and Croatia is the one nation in our squad actually on the pitch this summer. Our Croatian ETF reflects that same established quality: industrials, tourism, food and telecom. Modrić does not carry the midfield alone. Ivan Perišić completes the Croatian duo, a reminder that the CROBEX10tr is a basket, not a one-man team.
And there is the second Pole. Sebastian Szymański is the creative spark pulling strings from the right. Poland is a trillion-dollar economy, the largest in Central and Eastern Europe, home to recognisable consumer, retail and gaming names. The WIG30TR trades at 13.0x P/E with a dividend yield of 3.5%. Just like Szymański, our ETF is young but the game it plays has been around for a long time.
Completing the four is Ianis Hagi, carrying one of the most famous names in Romanian football. Our BET-TRN ETF on the other hand follows the most notable names in a market that is a candidate for MSCI reclassification from Advanced Frontier to Emerging Market status. Such a change is not certain, but it could expand the market’s visibility. Since its May 2023 inception to 31 May 2026, our Romanian equity ETF is up 156%.
Front | Šeško and Vipotnik | IC SBITOPtr UCITS ETF
That brings us to the final third of the pitch. Slovenia’s Benjamin Šeško and Žan Vipotnik are two of the most watched young forwards in Europe, direct and powerful. Our SBITOP TR ETF has been the top performer in our range with AUM of 74 million euros and a total return of 358% since its 2020 inception to 31 May 2026. Anchored by Krka, alongside Petrol and NLB, it trades at 13.8x P/E with a dividend yield of 3.5%. The strikers do what strikers are supposed to do. But keep in mind that not every shot goes in.
The Tactic the Casual Fan Misses: Total Return
Every equity fund in our range tracks a total return index, meaning dividends are reinvested rather than paid out. It works like a player who does the unseen work that wins matches. Over a full season, or a multi-year holding period, that reinvested income compounds into an important part of the final result.
The Lesson of the Tournament
A World Cup is won by the best-balanced team, not the one with the loudest name. The same logic applies to investing. Croatia may be the only one of our four flying to North America this summer, but do not write off the teams who missed this round of selection. A portfolio is not decided in one qualifying cycle.
Every manager builds their squad differently. Some load up on attackers; others prioritize a solid defence. Some pick players from one country; others build across borders. There is no single right formation. This is our eleven. Four markets, a range of sectors and companies. It will not suit every investor, and it is not meant to. Whether it fits depends on what you are trying to achieve. But the logic of diversification and long-term thinking existed long before this World Cup.
This is marketing communication. It does not constitute investment advice, an offer or a recommendation to invest. Before investing, please read the Prospectus, Fund Rules and Key Information Document (KID). Investing involves risks, including the possible loss of the invested amount. Past performance is not a reliable indicator of future results. Performance figures shown are net of fund fees and relate to the periods indicated. Market, valuation and index data are provided for informational purposes only, are based on sources considered reliable as of the stated date and may change without notice. Player names and football-related comparisons are used solely for illustrative and metaphorical purposes. The athletes mentioned are not affiliated with InterCapital ETF and do not endorse, recommend or approve any investment product or investment decision.
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