Thinking global: equities beyond the tech race
Earnings resilience and AI-related investment are supporting the rally, though concentration and valuation dynamics warrant a broader geographic approach.
ETF implementation opportunities in 2026
A year of transition, not a downturn
When looking at global markets in 2026, we see a transition rather than a downturn, an innovation-led phase supported by AI-related capital expenditure, defence and industrial policies focused on strategic autonomy, and an ongoing reallocation of capital, growth and risk.
In this transitional phase, we believe that investors may wish to consider a dynamic and diversified1 asset allocation.
Our convictions. Your strategy.
We believe that ETFs could play a key role in the dynamic asset allocation required for today’s world.
In the year ahead, we believe six themes could shape financial markets, offering a framework for investors to consider when defining their ETF implementation: artificial intelligence (AI) and tech; debt dynamics; industrial policy, particularly in Europe; emerging market (EM) growth; sustainable energy; and a controlled disorder that cuts across multiple areas.
Watch our video.
Explore our six investment convictions and how to position your ETF portfolio
As this transitional phase continues to evolve, we have mapped these six themes to potential ETF implementation opportunities for investors.
Bonds in the new policy order
Rising US debt and a weaker US dollar are likely to reinforce demand for global bond diversification,1 with opportunities in European fixed income and US investment-grade credit.
The European journey continues
Industrial policy, defence spending and the push for strategic autonomy are reshaping Europe’s economic landscape, opening opportunities in select equity themes and market segments.
Shifting blocs in Emerging Markets
Shifting geopolitical dynamics and expected US rate cuts are supporting differentiated opportunities across EM regions, sectors and themes, including areas tied to China’s tech sector and India’s industrial transformation.
Powering sustainable growth
The energy demands of technology and the net-zero transition are driving interest in ESG and climate-focused equities, and green bonds.
Diversifying1 in an era of controlled disorder
Structural shifts in the global economy and persistent inflation risks are contributing to an environment that may call for selective risk-taking and increased diversification1 across assets such as gold and real assets.
How is investor allocation behaviour evolving?
1. Diversification does not guarantee a profit or protect against a loss.
Read the Amundi Institute’s 2026 Investment Outlook.
For a deeper dive into our investment convictions.