Exchange-traded funds, or ETFs, are often low-cost instruments for investors to track popular indexes or leverage experienced manager choices in an attempt to beat the market. The best ones serve as building blocks for a portfolio, and unlike open-end mutual funds, all ETFs are traded throughout the day on an exchange.
In February 2025, the worst performers included VanEck Crypto & Blockchain Innovators DAPP and WisdomTree Blockchain WBLK. Data in this article is sourced from Morningstar Direct.
To read about the best-performing ETFs, check out our other story.
Screening for the Worst-Performing ETFs
To find the month’s worst-performing ETFs, we screened those in Morningstar’s equity, allocation, or fixed-income categories that are available in the UK. We excluded exchange-traded notes, known as ETNs, and ETFs with less than $25 million (£19.7 million) in total assets. We also excluded funds that fall into Morningstar’s “trading” categories, as these funds are designed for active traders and are not suitable for long-term investors.
Among the worst-performing ETFs, three were from the Indonesia equity category, where funds fell 14.56% in February.
The 10 Worst-Performing ETFs for February 2025
1. VanEck Crypto & Blockchain Innovators UCITS ETF DAPP
2. WisdomTree Blockchain UCITS ETF WBLK
3. Xtrackers MSCI Indonesia Swap UCITS ETF KJ7
4. Amundi MSCI Indonesia UCITS ETF INDO
5. HSBC MSCI Indonesia UCITS ETF HIDD
6. iShares Blockchain Technology UCITS ETF BLKC
7. Sprott Uranium Miners UCITS ETF Accumulating URNM
8. Global X Uranium UCITS ETF URNU
9. Invesco CoinShares Global Blockchain UCITS ETF BCHN
10. VanEck Uranium and Nuclear Technologies UCITS ETF NUCL
Worst-Performing ETFs Available in the UK
Source: Morningstar Direct. Data as of Feb. 28, 2025.
Metrics for the Worst-Performing ETFs
VanEck Crypto & Blockchain Innovators UCITS ETF
• Morningstar Rating: ★
• Expense Ratio: 0.65%
• Morningstar Category: Equity Technology
The worst-performing ETF in February was the £228 million VanEck Crypto & Blockchain Innovators, which lost 22.97%. The passively managed VanEck ETF fell further than the average 4.79% loss on funds in the equity technology category in February. Over the past 12 months, VanEck Crypto & Blockchain Innovators rose 22.93%, placing it in the 16th percentile within its category and outperforming the 13.31% return on the average fund.
VanEck Crypto & Blockchain Innovators, launched in April 2021, has a Morningstar Medalist Rating of Bronze.
WisdomTree Blockchain UCITS ETF
• Morningstar Rating: N/A
• Expense Ratio: 0.45%
• Morningstar Category: Equity Technology
With a 19.02% loss, the £25 million WisdomTree Blockchain was the second-worst performing ETF on our list for February. The passively managed WisdomTree ETF fell further than the average 4.79% loss on funds in the equity technology category. Over the past year, WisdomTree Blockchain gained 20.02%, placing it in the 26th percentile within its category and outperforming the 13.31% return on the average fund.
The Bronze-rated WisdomTree Blockchain was launched in September 2022.
Xtrackers MSCI Indonesia Swap UCITS ETF
• Morningstar Rating: ★★★★
• Expense Ratio: 0.65%
• Morningstar Category: Indonesia Equity
The third-worst performing ETF in February was the £31 million Xtrackers MSCI Indonesia Swap, which fell 17.02%. The Xtrackers ETF, which is passively managed, fell further than the average 14.56% loss on funds in the Indonesia equity category. Over the past 12 months, the ETF fell 28.61% to place in the 43rd percentile within its category, falling further than the category’s average loss of 25.27%.
Xtrackers MSCI Indonesia Swap has a Morningstar Medalist Rating of Bronze. It was launched in March 2010.
Amundi MSCI Indonesia UCITS ETF
• Morningstar Rating: ★★★★★
• Expense Ratio: 0.45%
• Morningstar Category: Indonesia Equity
The £47 million Amundi MSCI Indonesia was the fourth-worst performing ETF in February, with a loss of 16.96%. The passively managed Amundi ETF performed worse than the average 14.56% loss on funds in the Indonesia equity category. Over the past year, the ETF dropped 28.51% to land in the 43rd percentile within its category, dropping further than the category’s average one-year loss of 25.27%.
The Bronze-rated Amundi MSCI Indonesia was launched in March 2019.
HSBC MSCI Indonesia UCITS ETF
• Morningstar Rating: ★★★★
• Expense Ratio: 0.50%
• Morningstar Category: Indonesia Equity
Fifth-worst was the £116 million HSBC MSCI Indonesia, which lost 16.93% in February. The passively managed HSBC ETF fell further than the average 14.56% decline on funds in the Indonesia equity category. Over the past 12 months, HSBC MSCI Indonesia fell 28.48%, finishing in the 41st percentile within its category. It dropped further than the category’s average loss of 25.27%.
HSBC MSCI Indonesia has a Morningstar Medalist Rating of Bronze. It was launched in March 2011.
iShares Blockchain Technology UCITS ETF
• Morningstar Rating: N/A
• Expense Ratio: 0.49%
• Morningstar Category: Equity Technology
The sixth-worst performing ETF in February was the £73 million iShares Blockchain Technology, which lost 16.09%. The passively managed iShares ETF fell further than the average 4.79% loss on funds in the equity technology category. Over the past year, iShares Blockchain Technology rose 4.66%, placing it in the 79th percentile within its category and underperforming the 13.31% return on the average fund.
iShares Blockchain Technology has a Morningstar Medalist Rating of Bronze. It was launched in September 2022.
Sprott Uranium Miners UCITS ETF Accumulating
• Morningstar Rating: N/A
• Expense Ratio: 0.85%
• Morningstar Category: Equity Natural Resources
With a 15.81% loss, the £133 million Sprott Uranium Miners was the seventh-worst performing ETF on our list for February. The passively managed HANetf ETF fell further than the average 3.48% loss on funds in the equity natural resources category. Over the past 12 months, Sprott Uranium Miners lost 25.48%, placing it in the 98th percentile within its category and underperforming the 4.52% return on the average fund.
Sprott Uranium Miners, launched in May 2022, has a Morningstar Medalist Rating of Bronze.
Global X Uranium UCITS ETF
• Morningstar Rating: N/A
• Expense Ratio: 0.70%
• Morningstar Category: Equity Natural Resources
The eighth-worst performing ETF in February was the £140 million Global X Uranium, which fell 15.06%. The Global X ETF, which is passively managed, fell further than the average 3.48% loss on funds in the equity natural resources category. Over the past year, the ETF fell 6.84% to place in the 89th percentile within its category, underperforming the average one-year return of 4.52%.
Global X Uranium, launched in April 2022, has a Morningstar Medalist Rating of Neutral.
Invesco CoinShares Global Blockchain UCITS ETF
• Morningstar Rating: ★★
• Expense Ratio: 0.65%
• Morningstar Category: Equity Technology
The £488 million Invesco CoinShares Global Blockchain was the ninth-worst performing ETF in February, with a decline of 13.95%. The passively managed Invesco ETF performed worse than the average 4.79% loss on funds in the equity technology category. Over the past 12 months, the ETF gained 7.93% to land in the 67th percentile, underperforming the category’s average return of 13.31%.
Invesco CoinShares Global Blockchain has a Morningstar Medalist Rating of Bronze. It was launched in March 2019.
VanEck Uranium and Nuclear Technologies UCITS ETF
• Morningstar Rating: N/A
• Expense Ratio: 0.55%
• Morningstar Category: Equity Natural Resources
Tenth-worst was the £313 million VanEck Uranium and Nuclear Technologies, which lost 12.30% in February. The passively managed VanEck ETF fell further than the average 3.48% loss on funds in the equity natural resources category for the month. Over the past year, VanEck Uranium and Nuclear Technologies rose 11.38%, finishing the 12-month period in the 21st percentile within the equity natural resources category. It outperformed the category’s average one-year return of 4.52%.
VanEck Uranium and Nuclear Technologies has a Negative Morningstar Medalist Rating, meaning that our analysts expect it to be one of the worst performers within its category and think it is unlikely to deliver positive returns after fees.
What Are ETFs?
Exchange-traded funds are investments that trade throughout the day on stock exchanges, much like individual stocks. They differ from traditional mutual funds—known as open-end funds—which can only be bought or sold at a single price each day. Historically, ETFs have tracked indexes, but in recent years, more ETFs have been actively managed. ETFs cover a range of asset classes, including stocks, bonds, commodities, and most recently cryptocurrency.
ETFs: More Ideas to Consider
Investors who would like to find more ETF investment ideas can do the following:
• Read the latest articles on ETFs.
• Use the ETF screener to find the best ETFs according to your specific criteria. You can search for funds based on their fees, Morningstar Medalist Ratings, manager tenures, and more.
• Compare funds and ETFs side by side and easily follow their valuations, ratings, and fees.
This article was compiled by Bella Albrecht, edited by Lauren Solberg, and reviewed by Sunniva Kolostyak.
This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
